Wynn Resorts Ltd. confirmed 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 in an SEC filing, 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. Wynn Resorts’ stock rose 0.6% in premarket trade. It has rallied 7.1% over the past three months, while the S&P 500 has gained 5.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News