Steve Wynn won't get $330M severance package

By NewsFOXBusiness

Casino mogul Steve Wynn won’t receive a severance package after his resignation last week as CEO and chairman of Wynn Resorts amid allegations of sexual misconduct, according to the company’s latest SEC filing.

The filing notes that Wynn, 76, is “not entitled to any severance payment or other compensation from the company” under the terms of his exit from the company. Wynn’s original employment contract called for $330 million in severance, The Wall Street Journal reported. Wynn earned more than $28 million from his namesake company in 2016.

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The separation contract also forbids Wynn from working for any business that rivals Wynn Resorts for two years and mandates that he cooperate with any investigation or litigation related to his alleged misconduct. In addition, Wynn must vacate his residence at a Wynn resort by June 1 and his health care coverage will end Dec. 31.

Wynn resigned within days of a Wall Street Journal report that detailed dozens of accusations of sexual misconduct against him, including one instance in which he allegedly pressured a casino employee into having sex. Wynn purportedly paid $7.5 million to settle one such accusation. He has denied the misconduct allegations.

“The idea that I ever assaulted any woman is preposterous,” he said in a statement to The Journal.

Wynn currently faces open sexual assault cases in Las Vegas and Chicago. Despite his resignation, Wynn owns a stake in Wynn Resorts worth more than $2 billion, according to The Journal.

Wynn Resorts shares are down more than 18% since the allegations became public.

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