19.022018

Steve Wynn Gets No Compensation In Terminated Deal But Keeps Shares

Keep the Stake, Get No Money

According to a termination accord filed to the United State Securities and Exchange Commission (USSEC) that was released on Friday, Las Vegas business tycoon Steven Wynn will not get any compensation or severance after his resignation from Wynn Resorts amid dozens of allegations of sexual delinquency.

The accord further stated that Wynn will have to relocate from his private home at one of the Resorts’ hotels in Las Vegas Strip by 1st June. He will continue to pay rent until then. The administrative support he gets is set to expire on 31st May, and he will continue to enjoy health insurance cover until 31st December.

Keeps His Personal Stake

Wynn will keep his personal share in the firm he had established a couple of years ago. The casino tycoon has said in another filing to the USSEC that he does not intend to sell his stake. However, if he changes his mind, the mogul and the resorts will sign a severance of rights accord. Thus, he will only be able to offload less than a third of his stakes within one quarter. Wynn currently owns 12 percent of the Wynn Resorts and he is the majority shareholder.

Different media sources had reported that Wynn was in line to receive up to $330m in separation payments. Professionals noted that the termination accord was quite restrictive but clarified the justification for it by stating that Wynn Resorts probably anticipates lawsuits against its former Chairman and CEO to keep piling as the lawsuit develops.

Sexual Misconduct Allegations

In January, the Wall Street Journal published a story on various allegations of sexual misconduct and harassment against Wynn from current and former female employees at the firm. Wynn resigned as the Chairman and CEO of Wynn Resorts earlier this month.