Billionaire casino magnate Steve Wynn (pictured) will reportedly not be entitled to a lucrative severance package after resigning as the Chairman and Chief Executive Officer for Wynn Resorts Limited on February 6 amid multiple allegations of sexual misconduct.
According to a report from The Wall Street Journal newspaper citing a Friday filing from Las Vegas-based Wynn Resorts Limited, 76-year-old Wynn inked a separation deal as part of his resignation last week that saw him agree to gradually forfeit a range of benefits including those dealing with administrative assistance and health care.
The newspaper reported that the agreement also means that the Connecticut-born businessman will not be able to continue living in his villa at the company’s Wynn Las Vegas integrated casino resort after June 1, while he is to be subject to a two-year non-compete clause.
Wynn has moreover purportedly consented to provide the firm he helped to establish with ‘reasonable cooperation and assistance’ as it investigates the sexual misconduct allegations against him, which were first published via a January 27 story from The Wall Street Journal.
Under the original terms of his previous employment agreement with the casino giant, which is additionally responsible for the luxury Wynn Macau integrated casino resort, Wynn was reportedly entitled to a payout worth around $330 million. However, Wynn Resorts Limited has now purportedly explained that it is considering a corporate name-change and is moreover intent on formulating an orderly way for its former boss to sell all of the shares he holds in its business.