After naming Matt Maddox and Richard Byrne to its board of directors before this week, American casino operator Wynn Resorts Limited has now reportedly agreed a severance package with Kim Sinatra (pictured) that would be to see its own former Executive Vice-President receive a payout worth just over $1.81 million.
Agreement follows July resignation:
According to a report from GGRAsia, Sinatra left Wynn Resorts Limited last month in the aftermath of a shakeup that saw the vegas -based casino firm discard its former Chief Executive Officer, Steve Wynn, along with five heritage directors.
The intervening period has observed the operator supporting the coming $2.4 billion Encore Boston Harbor development appoint five new executives to its board and initiate an investigation to the numerous sexual assault allegations levied against 76-year-old Wynn.
An announcement from Wynn Resorts Limited allegedly read:
“Such payment reflects most of unpaid base salary through December 31, 2018, projected 2018 reward compensation and outstanding but accrued vacation pay. ”
Deal includes ‘collaboration ’ provision:
As a portion of this departing deal, 58-year-old Sinatra has allegedly agreed to ‘collaborate with the organization and regulatory authorities regarding any outstanding things ’ and ‘remain available’ for as many as 25 hours a month before the close of the year so as to provide guidance, suggestions and cooperation ‘in regard to litigation and general corporate issues. ’
GGRAsia reported that the arrangement has also seen Sinatra agree to abide by some unspecified non-compete and confidentiality exemptions while discharging her from any further claims to Wynn Resorts Limited.
One of operator’s oldest employees:
The Las Vegas Review-Journal newspaper reported that New York-born Sinatra obtained her law degree from the University of Chicago in 1985 before going to work for the legal firm of Gibson, Dunn and Crutcher. She supposedly joined Wynn Resorts Limited in 2004 because its 318th worker prior to being named as the casino operator’s Executive Vice-President, general counsel and corporate secretary in 2006.
Ellen Whittemore to substitute Sinatra:
GGRAsia reported that Wynn Resorts Limited also detailed that Ellen Whittemore would be to substitute Sinatra because its Executive Vice-President and general counsel on a base annual salary of $600,000. It purportedly clarified that its latest recruit is to similarly be eligible to receive a lot of benefits including the chance of earning a bonus worth up to a year’s wage.
The announcement out of Wynn Resorts Limited allegedly read:
“Employer retains the discretion to adopt, amend or terminate any incentive program at any moment. ”