Wynn Resorts Might Change Their Name Following the Scandal Prolific The Las Vegas casino

operator Wynn Resorts has disclosed that its former CEO and president Steve Wynn will not be receiving any sort of severance money once he resigns as a result of the recent sexual harassment claims that have been leveled against him. Wynn Resorts said a week ago that it had finally reached an agreement on a separation arrangement with the former CEO and Chairman of the company, who resigned after being accused of sexual harassment on multiple occasions. These allegations claim that Wynn sexually assaulted a large number of Wynn Resorts’ employees over a period of decades. This information has recently come to light as part of a crackdown on sexual harassment and other forms of abuse in the workplace. It has been speculated that Steve may have been given a payoff of up to $330 million for the early termination of his employment at Wynn Resorts, which would have initially run until the year 2022. The original duration of his contract was set to run until 2022. On the other hand, the corporation is now claiming that Steve does not have any rights to severance money or any other company compensations because the separation agreement states otherwise.

The Former CEO Will Move Out of the Penthouse

Additionally, the multibillionaire casino tycoon will be required to depart his opulent penthouse at the Wynn Las Vegas by the 1st of June at the very latest, and the healthcare plan that his company offers to its employees will expire at the end of 2018. In addition, Steve Wynn has signed a two-year non-competition agreement in order to aid his firm “in connection with private litigation or arbitration” that may result from investigations into his alleged sexual harassment of Wynn employees. These investigations could take place as a result of the Wynn investigation. It was last week when Steve Wynn formally agreed to sell his 12% stake in Wynn Resorts. On Friday, the company confirmed that it had agreed to enter into a registration rights deal with the former CEO, which would bar him from selling more than a third of his Wynn Resorts shares in any given quarter. Steve Wynn agreed to sell his stake in Wynn Resorts after the company confirmed that it had agreed to enter into a registration rights deal with him.

 

It Is Possible That They Will Change Their Name

Wynn Resorts has also hinted that it may be open to the idea of renaming its operations under an other name, specifically one that is not associated with any issues involving sexual harassment or any other controversies. The separation agreement that Steve Wynn signed includes a language stating that the company will provide him with a written notice if it decides to stop utilizing the Wynn name and trademark in the future. Despite the fact that Steve has refuted all of the claims that have been made against him, he was removed from his position as CEO a week ago. While Wynn Resorts’ operations will now be overseen by Matt Maddox, Boone Wayson, a former director of the company, has been promoted to the position of non-executive chairman for the company. In the interim, Steve Wynn will continue to be investigated by the Wynn board of directors. The Wynn board of directors has retained the services of a new investigative law firm, Gibson, Dunn & Crutcher LLP, to undertake the internal examination of the company. In addition, the company is being investigated by regulators in Nevada and Massachusetts to see what the board of directors knew about the claims and the reasons why the topic was not brought up during suitability meetings.


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