Business & Tech

Steve Wynn gets no money in termination deal with casino company

FILE - This March 15, 2016, file photo shows casino mogul Steve Wynn at a news conference in Medford, Mass. The sexual misconduct allegations against Wynn continued to grow Tuesday, Feb. 13, 2018, when police in Las Vegas revealed they recently received two reports from women who alleged the billionaire sexually assaulted them in the 1970s. (AP Photo/Charles Krupa, File)
Charles Krupa/Associated Press/File 2016
Casino mogul Steve Wynn.

LAS VEGAS — A termination agreement detailed Friday between embattled casino mogul Steve Wynn and the company bearing his name leaves him without any severance or compensation and prohibits him involvement in any competing gambling business for two years.

The Las Vegas billionaire resigned as chairman and CEO of Wynn Resorts last week amid sexual misconduct allegations. As part of the agreement, he also agreed to cooperate with any investigation or lawsuits involving his time with the company, which experts have said are likely to keep mounting.

Wynn has denied the misconduct accusations and attributed them to a campaign led by his ex-wife. The allegations surfaced last month, when the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.


An attorney for Elaine Wynn has denied that she instigated the news report.

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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 where the company operates two casinos, are also inquiring about the accusations.

In addition, the company faces a lawsuit in Nevada stemming directly from the sexual misconduct allegations. Norfolk County Retirement System, a Massachusetts-based retirement fund that holds Wynn Resorts shares, accused the company’s board of directors of breaching its fiduciary duties by ‘‘turning a blind eye and disregarding a sustained pattern of sexual harassment and egregious misconduct by Mr. Wynn.’’

Wynn Resorts has also created a committee to investigate the allegations. On Monday, the group announced it was expanding its scope to review the company’s internal policies and procedures to ensure a ‘‘safe and respectful workplace for all employees.’’

The termination agreement also stipulates that Wynn’s lease at one of his resorts will end. He remains the largest shareholder of the company.