• 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

Wynn Resorts pays US$1.8-mln severance to Kim Sinatra 

Aug 09, 2018 Newsdesk Latest News, Top of the deck, World  


Wynn Resorts pays US$1.8-mln severance to Kim Sinatra 

U.S.-based casino resort Wynn Resorts Ltd said in a regulatory filing on Wednesday that it has agreed to give severance pay of just over US$1.81 million to Kim Sinatra, who ceased to serve as the company’s executive vice president, general counsel and secretary on July 15.

“Such payment reflects all unpaid base salary through December 31, 2018, projected 2018 bonus compensation, and unpaid but accrued vacation pay,” the firm said in a 10Q filing, detailing the second quarter results.

According to Wynn Resorts’ filing, Ms Sinatra “will remain available” for up to 25 hours per month to the company’s chief executive “and provide advice, guidance and cooperation with respect to litigation and general corporate matters” until December 31, 2018.

Ms Sinatra also agreed to “cooperate with the company and regulatory authorities regarding any outstanding matters” in which she was involved, said the casino operator.

Under the agreement, Ms Sinatra granted a waiver and release of claims to Wynn Resorts and agreed to certain non-competition and confidentiality provisions, according to Wednesday’s filing.

Ms Sinatra had joined Wynn Resorts in 2004, assuming the role of general counsel and corporate secretary in 2006.

Wynn Resorts is the parent company of Macau casino operator Wynn Macau Ltd. Ms Sinatra was also a non-executive board member of the Macau unit.

Ms Sinatra’s severance agreement was attached to Wynn Resorts’ filing, as well as the employment agreement with Ellen Whittemore, the company’s new executive vice president and general counsel.

Ms Whittemore will receive a base salary of US$600,000 a year, with benefits and a possible bonus of up to 100 percent of her salary, according to the filing. “Employer retains the discretion to adopt, amend or terminate any bonus plan at any time,” said the firm.

Wynn Resorts has announced a number of changes to its leadership this year, after founder, Steve Wynn, resigned in February over allegations of sexual harassment. The businessman has denied the claims.

The company announced on Monday that Phil Satre would be joining the firm’s board as vice chairman, and would become chairman before the end of the year. Daniel Boone Wayson, current chairman of the board, is expected to step down “no later than December 31, 2018”.

On Tuesday, Wynn Resorts said it had expanded its board of directors to 11 members with the appointment of CEO Matt Maddox and independent director Richard Byrne.

Over the past six months, Wynn Resorts appointed six new directors to its board and announced the departure of five legacy directors. The casino company announced in April the appointment of three new directors for its board, all of them women.

In a separate filing on Tuesday, Wynn Resorts said that a special committee investigating the sexual harassment claims against Mr Wynn had finished its work, presenting the final report to the firm’s board at a meeting on August 3. The news had been reported earlier by the Las Vegas Review-Journal.

“The special committee will provide the presentation to the company’s gaming regulators,” said the company. “In deference to the ongoing regulatory investigations, the board and the company will have no further public statement on the results until the regulatory investigations are completed,” it added.

Wynn Resorts said in January it had formed a special committee consisting solely of independent directors to investigate the claims against its former CEO. The committee was chaired by Patricia Mulroy, a member of the board’s corporate governance and compliance committees and a former member of the Nevada Gaming Commission.

The publication of the sexual misconduct allegations against Mr Wynn led the Nevada Gaming Control Board and the Massachusetts Gaming Commission respectively to open an investigation into Wynn Resorts. In the latter jurisdiction, the group is building a new venue at Boston Harbor.

Wynn Resorts said in its Tuesday filing that the gaming regulator in Macau, the Gaming Inspection and Coordination Bureau, was “monitoring and reviewing the situation”.


  • tweet
Related articles
  • Wynn Macau Ltd parent loan not best sign for sector: MS
    Wynn Macau Ltd parent loan not best...

    Jun 15, 2022  

  • Wynn Macau Ltd gets US$500mln loan from parent
    Wynn Macau Ltd gets US$500mln loan from...

    Jun 15, 2022  

More news
  • 2 more hotels at Macau casino resorts for quarantine use
    2 more hotels at Macau casino resorts...

    Jul 07, 2022  

  • Dream Tower June GGR monthly record, 2Q GGR down on 1Q
    Dream Tower June GGR monthly record, 2Q...

    Jul 07, 2022  


Latest News

2 more hotels at Macau casino resorts for quarantine use

2 more hotels at Macau casino resorts for quarantine use

Jul 07, 2022  

Starting from Friday (July 8), two more hotels at major Macau casino resorts will be used for Covid-19 quarantine purposes. It will double the number of large gaming-resort hotels on Cotai that are...
Read More
Dream Tower June GGR monthly record, 2Q GGR down on 1Q

Dream Tower June GGR monthly record, 2Q GGR down on 1Q

Jul 07, 2022  

Everi gaining market share, 70pct rev recurring: brokerage

Everi gaining market share, 70pct rev recurring: brokerage

Jul 07, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Linda’s leadership throughout the many phases of our development in Macau has been important to our success. She will work with Ian to ensure a smooth transition”

Craig Billings

Chief executive of Wynn Macau Ltd



Most Popular

  • Coughlan to exit as Wynn Macau Ltd president in FebruaryCoughlan to exit as Wynn Macau Ltd president in February July 6, 2022
  • Carruthers leaving Wynn Macau in Sept, named Crown CEOCarruthers leaving Wynn Macau in Sept, named Crown CEO July 7, 2022
  • Macau could launch gaming tender within days: JP MorganMacau could launch gaming tender within days: JP Morgan July 6, 2022
  • 500 in Grand Lisboa lockdown, Macau Covid cases top 1,160500 in Grand Lisboa lockdown, Macau Covid cases top 1,160 July 6, 2022
  • Veteran fears for Macau 2H as GGR so far lowest since 2006Veteran fears for Macau 2H as GGR so far lowest since 2006 July 6, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us