Wynn Resorts Says Former CEO Steve Wynn Will Not Get Any Severance Pay

(RTTNews) - Wynn Resorts Ltd. (WYNN) disclosed in a regulatory filing Friday that Steve Wynn, who resigned as Chairman and Chief Executive last week amid allegations of sexual misconduct, was not entitled to any severance payment or other compensation under the employment agreement.

The company said that Wynn has agreed to not compete with Wynn Resorts for two years, and to provide "reasonable cooperation and assistance" to the company in connection with any private litigation or arbitration related to his service with the company.

Wynn's lease of his personal residence at Wynn Las Vegas will terminate no later than June 1, 2018, and until such date Wynn will pay rent at fair market value. Steve Wynn's current health insurance coverage would be terminated at the end of this year.