Steve Wynn is out at Wynn Resorts. But he isn’t leaving empty handed.
At the very least he leaves with 12.1 million shares of the on line casino operator. He’s already richer for resigning — Wynn’s inventory rose practically eight% early Wednesday after the corporate announced his departure. That soar added about $154 million to his web value — not a nasty exit package in its personal.
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It’s not clear how much Wynn will get on his approach out the door — if something. But the corporate hinted that Wynn will get some form of severance. “Details of Mr. Wynn’s separation agreement will be disclosed when they are finalized,” the corporate stated in a press launch.
If Wynn had been fired “without cause,” he would have taken residence practically $250 million, in line with his contract.
Wynn’s stake is now value about $2.1 billion. That’s nonetheless down about $300 million from the place it stood earlier than the allegations of sexual misconduct had been spelled out by Wall Street Journal final month. The inventory plunged after Journal revealed its story.
Although Wynn has called the allegations “preposterous,” he introduced his departure from the company late Wednesday, saying that “I have reached the conclusion I cannot continue to be effective in my current roles.”
Other executives collected massive severance packages after shedding their jobs due to sexual harassment allegations. For instance, former Fox News President Roger Ailes acquired $47 million in severance when he left 21st Century Fox (, in line with courtroom filings. )
Laurent Potdevin, who headed athletic clothes firm Lululemon (, acquired a )$5 million exit package after violating an organization conduct coverage.
The Wynn Resorts assertion Wednesday didn’t recommend that it thought-about Wynn responsible of any misconduct. It referred to him as “an industry giant…a philanthropist and a beloved leader and visionary.” And it stated it was reluctantly saying that it had accepted his resignation. It made no point out of the inner investigation into the sexual misconduct allegations that the corporate stated it had began within the wake of the Journal report.
But the board should approve any exit package, and it is beneath strain from on line casino regulators and institutional investors who personal the vast majority of its inventory. For instance, the Massachusetts Gaming Commission is deciding whether or not Wynn Resorts ( ought to hold its license for its huge on line casino and lodge mission set to open exterior Boston in 2019. )
— CNNMoney’s Laura Sanicola contributed to this report.
CNNMoney (New York) First revealed February 7, 2018: 9:39 AM ET