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Steve Wynn continues to deny sexual misconduct allegations, despite dozens of allegations from women released in a January 2018 Wall Street Journal probe. (Photo by WiNG | CC BY 3.0)

1963 College graduate Steve Wynn's former casino company, Wynn Resorts, will have to pay a $20 million fine after admitting it ignored employees who accused Wynn of sexual misconduct.

The fine, placed against Wynn Resorts by the Nevada Gaming Commission, is nearly four times larger than any previous penalty from a state gambling regulator. Wynn Resorts has already agreed not to contest any fines the board levels against them.

The fine comes after the commission issued a formal complaint against Wynn Resorts officials, the first regulatory action taken since sexual misconduct allegations against Wynn emerged last year. The complaint stated that Wynn Resorts executives did not follow the proper procedures for reporting and investigating the employees' complaints.

A January 2018 Wall Street Journal probe released dozens of personal accounts from women who accused Wynn of sexual misconduct. In response, the Penn graduate stepped down as CEO of the company, but he continues to deny all allegations. 

Wynn, a Penn graduate and donor, served on the University's Board of Trustees until 2004. When he was first accused of sexual misconduct, Penn rescinded his honorary Doctorate of Laws, which was granted in 2006. The University also changed the name of the former Wynn Commons in the Perelman Quad, the product of a $7.5 million gift Wynn gave Penn in 1995. The area was renamed “Penn Commons.”