Wynn Resorts Will Not Pay Steve Wynn Severance

Steve Wynn, who recently stepped down amid sexual harassment allegations as the head of the casino empire that bears his name, will not receive a severance package, according to the company.

In a securities filing on Friday, Wynn Resorts said its billionaire founder was not entitled to the separation terms laid out in his employment contract. The filing did not specify how much Mr. Wynn would have received had he left under different circumstances.

His employment contract included a $330 million severance stipulation, according to a shareholder lawsuit filed this month. In 2016, he made more than $28 million in total compensation from Wynn Resorts.

According to the filing, Mr. Wynn signed an agreement that included a clause barring him from competing against Wynn Resorts for two years and requiring him to provide “reasonable cooperation and assistance” to the company in any investigation related to his tenure.

Mr. Wynn resigned as chairman and chief executive on Feb. 6 after The Wall Street Journal published a report citing decades of misconduct, including allegations that he had demanded naked massages from female employees and pressured some for sex.

He now faces multiple investigations, including one by the gambling commission in Massachusetts, where Wynn Resorts is partway through construction of a $2.4 billion luxury casino resort outside Boston. Mr. Wynn, a prominent political donor, also stepped down as the finance chairman of the Republican National Committee.

In Friday’s filing, the company said Mr. Wynn’s health care benefits would expire at the end of the year. The company will provide him with an administrative assistant until the end of May.

To “effectuate a smooth transition,” Mr. Wynn will be allowed to lease his personal villa at Wynn Las Vegas at a fair market rent through June 1.

The company said that if it decided to change the Wynn Resorts name, it would inform Mr. Wynn in writing.

Content originally published on https://www.nytimes.com/2018/02/16/business/steve-wynn-severance.html by TIFFANY HSU