Steve Wynn Won’t Receive a Severance Package Following Sexual Misconduct Allegations
Steve Wynn, who resigned from his resorts empire last month amid accusations of sexual misconduct, will not collect the $330 million severance package many assumed he would.
Wynn Resorts (WYNN), in a filing with the SEC Friday, said its founder and CEO “is not entitled to any severance payment or other compensation from the Company under the employment agreement.”
While he won’t exit with a golden parachute, Wynn is hardly strapped for cash. His net worth stands at an estimated $3.4 billion and his total compensation for 2016 hit $28.2 million. Over the past five years, he has earned $111.6 million as the head of Wynn Resorts.
Wynn has also agreed not to compete against his former company for two years. The lease of his personal residence at the Wynn Las Vegas will terminate on June 1 of this year. He loses his administrative aids on May 31 and will have to find alternative healthcare coverage as of Dec. 31.
Wynn said he felt compelled to resign earlier this month due to “an avalanche of negative publicity” in the wake of a January Wall Street Journal article, which alleged decades of sexual misconduct, including pressuring an employee to have sex with him. Though Wynn denies the accusations, he said in the statement that, “I have reached the conclusion I cannot continue to be effective in my current roles.”
He also resigned as Finance Chair of the Republican National Committee in late January.