Wynn Resorts will not pay Steve Wynn
a severance

Separation agreement says the company will notify the disgraced hotelier if it decides to drop his name from its resorts

New York /
Feb.February 16, 2018 12:45 PM

Steve Wynn (Credit: Getty Images)

Wynn Resorts will not pay Steve Wynn any severance following his resignation as chief executive and chairman of the casino company he founded after he resigned in connection with allegations he sexual assaulted several company employees, according to a filing with the U.S. Securities and Exchange Commission.

Wynn’s original employment agreement made him eligible for a severance package worth around $330 million, the Wall Street Journal reported.

Federal filings detailing Wynn’s separation from the company say that the billionaire has until June 1 to leave his residence at the Wynn Las Vegas and is subject to a two-year non-compete clause. His benefits expire at the end of the year.

Should Wynn Resorts Ltd decide to no longer use the WYNN name and trademark, the company will notify Wynn and sign over the trademark to him.

Wynn resigned from his company earlier this month, a few days after an explosive Journal report detailed decades of alleged sexual misconduct against employees, including a 2005 alleged assault of a manicurist that resulted in a $7.5 million payout.

The casino mogul denied any wrongdoing and the company’s leadership said the board accepted Wynn’s resignation “With a collective heavy heart” and called Wynn “a philanthropist and a beloved leader and visionary.”


Related Articles

arrow_forward_ios
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...