LAS VEGAS — A termination agreement between the firm and casino mogul Steve Wynn bearing his name proves he won’t receive any reimbursement and can not be involved in any gaming business that is rival that for a couple of decades.
The Las Vegas billionaire resigned as chairman and CEO of Wynn Resorts a week amid sexual misconduct allegations. As part of the agreement, he also agreed to cooperate with any investigation or suits involving his period are likely to keep mounting.
Wynn has repeatedly denied that the misconduct accusations and credited them to a campaign. The allegations surfaced last month, when the Wall Street Journal reported a number of women stated Wynn harassed or attacked them and that one instance resulted in a $7.5 million settlement.
An attorney for Elaine Wynn has denied that she instigated the news report.
Wynn is facing scrutiny by gambling regulators in Nevada and Massachusetts, where the company is building a roughly $2.4 billion casino just outside Boston. Regulators in Macau, the Chinese enclave in which the provider operates two casinos, are asking about the accusations.
Additionally, the company faces a suit in Nevada stemming in the sexual misconduct allegations. Norfolk County Retirement System, a Massachusetts-based retirement fund which holds Wynn Resorts shares, accused the company’s board of supervisors of breaching its fiduciary responsibilities by “turning a blind eye and dismissing a sustained pattern of sexual harassment and egregious misconduct by Mr. Wynn.”
Wynn Resorts has created a committee to look into the allegations. On Monday, the group announced it was expanding its range to review the organization’s internal policies and processes to guarantee a “safe and respectful workplace for all workers.”
The termination agreement stipulates that the rental of his personal house at one of his luxury casino-resorts on the Las Vegas Strip of Wynn will end no later than June 1. He might have to continue to pay rent until the end of the lease at fair market value. His health care policy will end Dec. 31 as well as the administrative service he receives will terminate May 31.
Wynn remains the largest shareholder of the company. The agreement filed with the Securities and Exchange Commission Thursday states that in case he “is permitted to elects to” sell any shares he owns, the business has consented to enter into a so-called separation of rights arrangement with Wynn to list the stocks openly.
That agreement would limit him to promoting no more than one third of the stocks. Wynn would need to reimburse the organization for expenses.
Matt Maddox, the company’s president as 2013, was named CEO after Wynn’s resignation.
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