The casino business can be rough and tumble, all the while offering vast compensation when things are going well. Unfortunately for Steve Wynn who has been on top for quite some time, the fall has been quick and painful. Not one to back down, Wynn has lost more than just his position as Chairman and CEO of Wynn Resorts Ltd. Amid sexual allegations his fortunes seem to be falling faster than an anvil in a Looney Tunes cartoon.
As Steve Wynn’s reputation continues to suffer from sexual accusations, although no charges, his bounty is also taking a large hit. As the former Chairman and CEO of Wynn Resorts Ltd., he would have been entitled to a large severance package, which is all the craze for retiring CEOs and Presidents of multi-nationals. Even our Federal government employees seem to be cashing in, although mired in controversy, such as Lois Lerner of the infamous IRS scandal.
According to the proxy advisory firm Institutional Shareholder Services, Mr. Wynn will not be entitled to a severance package equaling $330 million which he would have received otherwise. Wynn will also be held to a non-compete clause which will be for a two-year period, restricting his involvement in the casino industry. As of Monday February 12, 2018, Wynn owns 12.1 million shares of Wynn Resorts, with an estimated value of $2 billion.
Not exactly nickels and dimes, this huge financial loss should be reminder to us all that accusations can be enough to pick our pockets and ruin our reputation. I’m confident many of those accused of sexual misconduct and are eventually found to be innocent will be searching for that mythological place where they can get their reputations back in good standing.