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

TRD NEW YORK /
Feb.February 16, 2018 11:00 AM
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
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

arrow_forward_ios
Loading...