How much is Steve Wynn's exit package worth?

Steve Wynn is out at Wynn Resorts. But he's not leaving empty handed.At the very least he leaves with 12.1 mil...

Posted: Feb 7, 2018 3:38 PM
Updated: Feb 7, 2018 3:38 PM

Steve Wynn is out at Wynn Resorts. But he's not leaving empty handed.

At the very least he leaves with 12.1 million shares of the casino operator. He's already richer for resigning -- Wynn's stock rose nearly 8% early Wednesday after the company announced his departure. That jump added about $154 million to his net worth -- not a bad exit package in its own.

It's not clear how much Wynn will get on his way out the door -- if anything. But the company hinted that Wynn will get some kind of severance. "Details of Mr. Wynn's separation agreement will be disclosed when they are finalized," the company said in a press release.

If Wynn had been fired "without cause," he would have taken home nearly $250 million, according to his contract.

Wynn's stake is now worth about $2.1 billion. That's still down about $300 million from where it stood before the allegations of sexual misconduct were spelled out by Wall Street Journal last month. The stock plunged after Journal published its story.

Although Wynn has called the allegations "preposterous," he announced his departure from the company late Wednesday, saying that "I have reached the conclusion I cannot continue to be effective in my current roles."

Related: Steve Wynn steps down as CEO of Wynn Resorts after misconduct allegations

Other executives collected large severance packages after losing their jobs because of sexual harassment allegations. For example, former Fox News President Roger Ailes received $47 million in severance when he left 21st Century Fox, according to court filings.

Laurent Potdevin, who headed athletic clothing company Lululemon, received a $5 million exit package.

Related: Vegas newspaper staffers reject claim that Wynn story was a hit

The Wynn Resorts statement Wednesday did not suggest that it considered Wynn guilty of any misconduct. It referred to him as "an industry giant...a philanthropist and a beloved leader and visionary." And it said it was reluctantly announcing that it had accepted his resignation. It made no mention of the internal investigation into the sexual misconduct allegations that the company said it had started in the wake of the Journal report.

But the board will have to approve any exit package, and it is under pressure from casino regulators and institutional investors who own the majority of its stock. For example, the Massachusetts Gaming Commission is deciding whether Wynn Resorts should keep its license for its massive casino and hotel project set to open outside Boston in 2019.

-- CNNMoney's Laura Sanicola contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 314710

Reported Deaths: 7254
CountyCasesDeaths
DeSoto21646260
Hinds20369416
Harrison17949309
Rankin13643278
Jackson13450246
Madison10113217
Lee9986174
Jones8384163
Forrest7689152
Lauderdale7198240
Lowndes6403148
Lamar623686
Lafayette6203119
Washington5341134
Bolivar4802132
Oktibbeha462998
Panola4596107
Pearl River4519146
Marshall4450103
Warren4393121
Pontotoc420872
Monroe4115133
Union411176
Neshoba4031176
Lincoln3969110
Hancock379586
Leflore3498125
Sunflower336290
Tate334784
Pike3327105
Scott316274
Alcorn313368
Yazoo311770
Itawamba300577
Copiah297465
Coahoma295579
Simpson295388
Tippah288768
Adams286982
Prentiss280060
Marion269380
Leake268473
Wayne262841
Grenada261587
Covington259881
George248148
Newton246862
Winston227581
Tishomingo227067
Jasper221148
Attala214473
Chickasaw208057
Holmes189174
Clay185554
Stone182833
Tallahatchie178941
Clarke178080
Calhoun170932
Yalobusha164638
Smith162534
Walthall134245
Greene130633
Lawrence128724
Montgomery127142
Noxubee126734
Perry126338
Amite123142
Carroll121829
Webster114532
Jefferson Davis107133
Tunica105726
Claiborne102430
Benton100025
Humphreys96733
Kemper95828
Franklin83923
Quitman81116
Choctaw76418
Wilkinson67531
Jefferson65728
Sharkey50217
Issaquena1686
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Alabama Coronavirus Cases

Cases: 539829

Reported Deaths: 11038
CountyCasesDeaths
Jefferson798271529
Mobile41261809
Madison35132506
Tuscaloosa25915455
Shelby25294249
Montgomery24705593
Baldwin21392310
Lee15987172
Calhoun14569319
Morgan14422280
Etowah13918353
Marshall12275225
Houston10641282
Elmore10147206
Limestone10065151
St. Clair9946245
Cullman9761194
Lauderdale9457243
DeKalb8865188
Talladega8339176
Walker7260278
Autauga7001108
Jackson6836112
Blount6771139
Colbert6320135
Coffee5578118
Dale4876113
Russell445138
Chilton4369113
Franklin426282
Covington4138118
Tallapoosa4044153
Escambia394777
Chambers3590123
Dallas3568153
Clarke351461
Marion3137101
Pike311977
Lawrence302698
Winston275773
Bibb264564
Geneva254078
Marengo249665
Pickens234862
Barbour232056
Hale223978
Butler219069
Fayette212662
Henry189643
Cherokee184645
Randolph182442
Monroe178141
Washington167739
Macon161150
Clay157157
Crenshaw153557
Cleburne149641
Lamar143236
Lowndes140553
Wilcox127430
Bullock123242
Conecuh110829
Coosa109228
Perry107826
Sumter104932
Greene92634
Choctaw61024
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