Magic General Manager Rob Hennigan said Davis had been fined an undisclosed amount in the wake of a Saturday incident in a downtown Orlando motel lobby.
Security camera footage revealed Davis ripping a computer keyboard from the motel's front desk and throwing it toward a concierge after being told there were no vacancies, the Orlando Sentinel reported.
"We will not tolerate or condone this type of behavior," Hennigan said. "We expect our players to uphold a certain standard of conduct and character at all times."
Davis, known by the nickname "Big Baby," has yet to play a game for the Magic this season after having a pair of surgeries on his left foot during the off-season.
He issued an apology via Twitter Tuesday. "There is no excuse for what I did," he tweeted. "I was obviously wrong and I take full responsibility. I apologize to the Magic, my fans and the city of Orlando."
He has averaged 8.5 points and 4.6 rebounds per game over 372 career games with Orlando and Boston.