U.S. NEWS

Wynn Resorts Won't Give Steve Wynn A Severance Package

Don't feel too bad: The disgraced CEO walks away with about $2 billion in stock.

Wynn Resorts founder and former CEO Steve Wynn will not be receiving a severance package or golden parachute from the hotel and casino company, according to a statement filed with the Securities and Exchange Commission on Friday.

Wynn resigned earlier this month after being accused of sexually harassing and abusing casino employees for decades.

Although Fortune.com earlier reported that Wynn might receive a settlement package worth $330 million, the news outlet wrote Friday that the company’s SEC filing said he “is not entitled to any severance payment or other compensation from the Company under the employment agreement.”

An agreement between the company and its founder also requires him to leave his home, a villa located on the property of the Wynn Las Vegas resort, by June 1. He will be paying rent until he leaves, will keep his health insurance through the end of the year and will receive administrative support until the end of May, according to CNN Money.

The employment agreement bans Wynn from competing against Wynn Resorts for two years and requires him to “provide reasonable cooperation” with any future lawsuits.

But Wynn won’t be moving straight to the poorhouse: He still walks away with $2 billion in stock. In addition, Fortune estimates his net worth at around $3.4 billion.

The allegations against the 76-year-old casino mogul gained national attention last month after dozens of current and former employees told The Wall Street Journal that they had experienced or witnessed ongoing abuse by the billionaire. Specific accusations included lewd comments, inappropriate touching and solicitation of sex acts.

Steve Wynn has called the allegations “preposterous” and blamed them on his former wife, Elaine Wynn, who is suing him to lift restrictions that prevent her from selling her stock in Wynn Resorts.

He has said he resigned because the “avalanche of negative publicity” has created a situation where he “cannot continue to be effective in my current roles.”

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