A termination agreement released Friday between embattled casino mogul Steve Wynn and the company bearing his name leaves him without any severance or compensation and prohibits his involvement in any competing gambling business for two years, reports the AP. The Las Vegas billionaire resigned as chairman and CEO of Wynn Resorts last week amid sexual misconduct allegations. As part of the agreement, he also agreed to cooperate with any investigation or lawsuits involving his time with the company, which experts have said are likely to keep mounting. Wynn has vehemently denied the misconduct accusations and attributed them to a campaign led by his ex-wife.
The termination agreement also stipulates that Wynn's lease of his private residence at one of his luxury casino-resorts on the Las Vegas Strip will end no later than June 1. He will have to continue to pay rent at fair market value until the end of the lease. His health care coverage will end Dec. 31 and the administrative support he receives will terminate May 31. Joe Schmitt, an employment attorney with Minneapolis-based firm Nilan Johnson Lewis, said the termination agreement is "very unusual" because it does not include severance pay, its benefits like health care are quite limited, and it creates ongoing obligations for the billionaire to the company. He said a reason for the restrictive agreement is that the company probably foresees more lawsuits. Matt Maddox, the company's president since 2013, was named CEO following Wynn's resignation.
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