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Feb 16, 2018

Wynn Resorts says ex-CEO Steve Wynn not entitled to severance pay

Corporate governance expert: Wynn Resorts may need to rebrand

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Wynn Resorts Ltd (WYNN.O) said on Friday that former Chief Executive Officer Steve Wynn was not entitled to severance payments or any other compensation.

Wynn, 76, resigned as CEO of the company earlier this month after allegations of sexual misconduct.

Wynn, who denied the accusations, remains Wynn Resorts' largest shareholder and owns about 12 per cent of the company. He had informed the company last week that he had no immediate plans of selling the company's shares that he owns.

Casino mogul Wynn's current healthcare coverage would be terminated at the end of this year, the casino company said in a regulatory filing, adding that his personal residence's lease at Wynn Las Vegas will terminate by June this year.

Last week, Wynn Resorts gave the top job to company veteran Matt Maddox.