• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Steve Wynn not entitled to severance pay: Wynn Resorts

Feb 20, 2018 Newsdesk Latest News, Macau, Top of the deck  


Steve Wynn not entitled to severance pay: Wynn Resorts

U.S.-based casino operator Wynn Resorts Ltd says former chairman and chief executive Steve Wynn will not be entitled to any severance package following his decision to step down. That is according to a separation agreement between the two sides, reached last Thursday.

“The separation agreement terminates Mr Wynn’s previous employment agreement with the company and confirms that Mr Wynn is not entitled to any severance payment or other compensation from the company under the employment agreement,” Wynn Resorts said in a filing on Friday.

According to previous media reports, citing a shareholder lawsuit filed this month, Mr Wynn’s employment contract reportedly included a US$330 million severance stipulation.

Under the separation agreement, Mr Wynn “agrees not to compete against the company for a period of two years and to provide reasonable cooperation and assistance to the company in connection with any private litigation or arbitration and to the board of directors of the company or any committee of the board in connection with any investigation by the company related to his service with the company.”

Mr Wynn stepped down as the casino group’s chairman and chief executive on February 6. The move followed media reports detailing allegations of sexual misconduct made against Mr Wynn by former Wynn Resorts employees. Mr Wynn has denied the allegations.

Wynn Resorts said last week it had hired an outside legal firm to “assist” a committee formed of some of the company’s independent directors reviewing sexual misconduct allegations against Mr Wynn.

Wynn Resorts – with gaming operations in Las Vegas, Nevada – is the parent company of Macau-based casino operator Wynn Macau Ltd.

The separation agreement between Wynn Resorts and Mr Wynn also states that Mr Wynn’s lease of a villa as his personal residence at casino resort Wynn Las Vegas will terminate no later than June 1. “Until such date Mr Wynn shall continue to pay rent at the fair market value previously established by the company based on an independent third-party expert opinion,” the filing stated.

The company also plans to terminate Mr Wynn’s current healthcare coverage package at the end of 2018, and to cut administrative support to the former executive on May 31.

“Additionally, in order to conduct any sales of company shares in an orderly fashion in the event that Mr Wynn is permitted to and elects to sell any shares that he owns, the company has agreed to enter into a registration rights agreement with Mr Wynn, with Mr Wynn to reimburse the company for its reasonable expenses,” the filing said.

It added: “Pursuant to such registration rights agreement, Mr Wynn may not sell during any quarter after the date of such agreement more than one-third of the company shares he holds as of the date of such agreement.”

Brokerage Deutsche Bank Securities Inc noted that Mr Wynn would eventually be allowed to sell his shares pending a separate decision involving a stockholders’ agreement that includes his ex-wife, Elaine Wynn.

It was announced a fortnight ago that Mr Wynn would no longer consider himself or his ex-wife as bound by a 2010 agreement he had contended gave him the right to vote her shares with his. According to company filings, Mr Wynn currently holds 11.8 percent of the firm.

The separation agreement announced on Friday also states that “in the event that the company ceases to use the Wynn name and trademark, it will provide written notice thereof to [Mr Wynn]“.


  • tweet
Related articles
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for China
    U.S. says Steve Wynn ‘foreign...

    May 18, 2022  

  • Wynn Macau Ltd loss wider in 1Q, revenue dips 28pct
    Wynn Macau Ltd loss wider in 1Q,...

    May 11, 2022  

More news
  • New Lim cruise biz only months after GEN HK in liquidation
    New Lim cruise biz only months after...

    May 18, 2022  

  • Kangwon drove 2021 S.Korea casino revenue growth: govt
    Kangwon drove 2021 S.Korea casino...

    May 18, 2022  


Latest News

New Lim cruise biz only months after GEN HK in liquidation

New Lim cruise biz only months after GEN HK in liquidation

May 18, 2022  

A casino cruise brand reportedly controlled by Malaysian entrepreneur Lim Kok Thay is to launch services from Singapore fewer than five months after the Lim family-founded Dream Cruises brand of the...
Read More
Kangwon drove 2021 S.Korea casino revenue growth: govt

Kangwon drove 2021 S.Korea casino revenue growth: govt

May 18, 2022  

Over 7.9mln Bloomberry shares vested to some senior execs

Over 7.9mln Bloomberry shares vested to some senior execs

May 18, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$10 billion

Target set by gaming equipment and online content provider Light & Wonder for total capital creation from 2022 to 2025



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • Macau GGR tax cut may spur 15pct EBITDA hike: JP MorganMacau GGR tax cut may spur 15pct EBITDA hike: JP Morgan May 16, 2022
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for ChinaU.S. says Steve Wynn ‘foreign agent’, lobbied for China May 18, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us