Party’s Over for Steve Wynn: Denied Golden Parachute, Must Vacate Wynn Resorts Suite Before Summer
Posted on: February 16, 2018, 02:30h.
Last updated on: February 16, 2018, 04:06h.
In the opera known as “The Fall from Grace of Steve Wynn,” the fat lady has now hit her ultimate high note.
The company he founded with his ex-wife Elaine in 2002 has now gone into full shun mode against him, with a Securities and Exchange Commission filing that was delivered to the SEC on Thursday. And it couldn’t be any clearer that Steve Wynn is persona non grata from this day forward.
Among the specifics of the parting agreement are the following:
- A two-year “non-compete” clause
- A promise to cooperate with any litigation, arbitration, and ongoing investigations that center on his time with the company
- An agreement to vacate his own Wynn Las Vegas suite by no later than June 1, and to pay Wynn Resorts rent on the same from now until the date he leaves. That rent will be determined by a third-party and will be based on fair market value.
- Also as of May 31, there will be no more administrative services available to the ex-CEO and chairman
- By Dec. 31, his Wynn Resorts health care coverage will end permanently
It’s a far cry from the supportive messages that came from staff and Wynn himself just a few days after a Wall Street Journal scathing alleged sexual misconduct story broke in late January. In a company meeting held just two weeks ago, Mr. Wynn reminded employees he had stuck by them through the worst times of the 2008 recession, referring to the company’s zeitgeist as a “family culture.”
On February 7, Wynn stepped down, after falling stock prices, cancelled conventions, political distancing, and a slew of regulatory investigations into his alleged actions threatened the company’s very well-being.
Truth or Consequences
Steve Wynn has always maintained that he’s done nothing wrong, despite a long line of former female employees accusing him of everything from inappropriate comments to self-exposure while at work to actual forced sexual misconduct.
Most damning was a $7.5 million payout made in 2005, and kept under wraps from regulators, reportedly to a manicurist who said she’d been forced to have sex with her boss against her will, right on Wynn premises.
Regardless of who’s telling the truth — and we may never know — the reputation and legacy of someone who was once a visionary and pioneer has crumbled, and this opera will definitely be categorized as a tragedy.
And in the span of a little more than two weeks, Steve Wynn has moved from mythic hero to despised antagonist, joining Hollywood mogul Harvey Weinstein, former US Senator Al Franken, world-famous Las Vegas chef Mario Batali, and now-deceased media kingpin Roger Ailes on the list that no one wants to be on.
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