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.
Celebrity Families of 2014 [PHOTOS]