After naming Matt Maddox and Richard Byrne to its board of directors earlier this week, American casino operator Wynn Resorts Limited has now reportedly agreed a severance package with Kim Sinatra (pictured) that is to see its former Executive Vice-President receive a payout worth just over $1.81 million.
Agreement follows July resignation:
According to a report from GGRAsia, Sinatra left Wynn Resorts Limited last month in the wake of a shakeup that saw the Las Vegas-based casino firm shed its former Chief Executive Officer, Steve Wynn, along with five legacy directors.
The intervening time has seen the operator behind the coming $2.4 billion Encore Boston Harbor development appoint five new executives to its board and initiate an investigation into the multiple sexual assault allegations levied against 76-year-old Wynn.
A statement from Wynn Resorts Limited reportedly read:
“Such payment reflects all unpaid base salary through December 31, 2018, projected 2018 bonus compensation and unpaid but accrued vacation pay.”
Deal includes ‘cooperation’ provision:
As part of the leaving deal, 58-year-old Sinatra has reportedly agreed to ‘cooperate with the company and regulatory authorities regarding any outstanding matters’ and ‘remain available’ for up to 25 hours a month until the end of the year in order to provide guidance, advice and cooperation ‘with respect to litigation and general corporate matters.’
GGRAsia reported that the arrangement has also seen Sinatra agree to abide by a set of unspecified non-compete and confidentiality clauses while releasing her from any further claims to Wynn Resorts Limited.
One of operator’s earliest employees:
The Las Vegas Review-Journal newspaper reported that New York-born Sinatra received her law degree from the University of Chicago in 1985 before going on to work for the legal firm of Gibson, Dunn and Crutcher. She purportedly joined Wynn Resorts Limited in 2004 as its 318th employee before being named as the casino operator’s Executive Vice-President, general counsel and corporate secretary in 2006.
Ellen Whittemore to replace Sinatra:
GGRAsia reported that Wynn Resorts Limited additionally detailed that Ellen Whittemore is to replace Sinatra as its Executive Vice-President and general counsel on a base annual salary of $600,000. It purportedly explained that its latest recruit is to furthermore be entitled to receive numerous benefits including the possibility of earning a bonus worth up to a year’s wage.
The statement from Wynn Resorts Limited reportedly read:
“Employer retains the discretion to adopt, amend or terminate any bonus plan at any time.”