Casino operator Wynn Resorts says former boss Steve Wynn won’t be getting a nine-figure golden handshake after resigning due to sexual harassment allegations.
On Friday, Wynn Resorts announced that it had reached a separation agreement with its former CEO and chairman, who resigned last week following mounting allegations of a decades-long pattern of sexual harassment against Wynn Resorts’ female employees.
Speculation had it that Steve was in for a payout of up to $330m for the early termination of his contract, which extended through 2022. But the company now says its separation agreement means Steve “is not entitled to any severance payment or other compensation from the Company under the employment agreement.”
Furthermore, Steve will have to vacate his swanky penthouse at the Wynn Las Vegas no later than June 1 while his company health care coverage will terminate by year’s end. Steve has also agreed to a two-year non-compete clause and to assist the company “in connection with any private litigation or arbitration” that may arise from the investigations into his alleged bad behavior.