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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
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.”