Steve Wynn continues to fall from grace, following the allegations of sexual misconduct. His fall from grace has continued, with the company he founded recently beginning to shun him, despite the original messages of support. When the allegations were first made public, Wynn Resorts was supportive of its founder, but now, it seems the company will no longer have anything to do with him.
Steve Wynn has been cut off from Wynn Resorts. This follows after he resigned as CEO after numerous sexual misconduct allegations were made public.
Wynn Resorts Turns Back on Founder
Wynn Resorts was founded by Steve Wynn and his ex-wife, Elaine, back in 2002. The company is trying to disassociate itself completely with the founder. On Thursday last week, a Securities and Exchange Commission filing was delivered to the SEC, making it clear that he was no longer associated with the company.
The filling stipulated several agreements made between Wynn and his company, specifically related to how they would part ways. These included:
- A non-competition clause that will last for two years.
- He will need to vacate his own Wynn Las Vegas suite by the 1st of June.
- He will also need to pay rent for the suite between now and the day he vacates. The rent will be determined by a third-party. As of the 31st of May, no more administrative services will be provided to him.
- His health coverage will be permanently terminated on the 31st of December 2018.
- He will be required to cooperate fully with any and all investigations.
Wynn Falls From Grace
The allegations of sexual misconduct were made public in late January. Initially, Wynn Resorts were supportive of the company’s founder, but eventually, he had to resign. He continues to maintain that he is innocent and the allegations against him are not true. However, numerous women have made allegations against him.
Whether he is telling the truth or not, it hasn’t taken long for him to fall from his position as a hero in the gambling industry. In many ways, he is now seen in the same way as disgraced Hollywood producer, Harvey Weinstein.