Massachusetts regulators say the record $35.5 million in fines imposed on Wynn Resorts and its CEO are meant to serve as a deterrent as the state's casino industry takes shape.
State Gaming Commission Chair Cathy Judd-Stein said Wednesday she's confident the panel struck the right balance in fining the company.
The fine is due to the gaming authority’s findings that former company executives covered up sexual misconduct allegations against former CEO and co-founder Steve Wynn.
Casino experts say the fines levied Tuesday are the largest ever penalty by a state gambling regulatory agency.
The Nevada Gaming Commission in February levied a $20 million fine on Wynn Resorts that was the largest imposed at the time.
Jennifer Roberts, of the University of Nevada, Las Vegas, says the penalty is more along the lines of fines imposed on casinos by the federal government for money laundering.
Wynn Resorts has said it's weighing its legal options.
