Casino mogul Steve Wynn loses to the house: Gives up severance pay, perks in separation deal
The separation deal, which came into effect on February 15, comes a week after Wynn agreed to relinquish control of a minority stake in Wynn Resorts held by his ex-wife, ending a six-year court battle
Steve Wynn, ex-chairman and chief executive of Wynn Resorts and Hong Kong-listed Wynn Macau, will not receive any severance payments and many of his benefits will cease, after the casino mogul entered a separation agreement with the company.
Wynn Macau on Monday posted a filing on the Hong Kong stock exchange, quoting extracts from a Form 8-K filed to the Securities and Exchange Commission in the US by its controlling stakeholder Wynn Resorts. Wynn Resorts owns 72 per cent of Wynn Macau’s issued share capital.
According to the filing, the disgraced former executive will receive no compensation or severance pay for his resignation earlier this month stemming from sexual assault allegations from former and current employees, charges which he denies.
The separation agreement is effective from February 15.
Wynn is just one of a growing list of influential men, which includes US film producer Harvey Weinstein and Hollywood actor Kevin Spacey, who have been accused of sexual misconduct.
The sexual misconduct scandals have since sparked the international social media movement “Me Too”, where both women and men claiming to be victims of sexual misconduct have come forward to share personal stories.