Wynn Resorts is witnessing rapid pace of events and new members introduction in the past days as it has been confirmed that the casino developer and operator would appoint CEO Matt Maddox and Richard J. Byrne to the Board of Directors which would now mean that there are 11 members there. In the meantime, former Executive Vice President and General Counsel, Kim Sinatra is set to receive a special settlement amounting to some $1.8 million following her recent exit.
Wednesday brought the news issued with the help of a filing to the Securities and Exchange Commission that the outgoing Ms. Sinatra would witness the said arrangement as she is exiting the structure of the casino operator. Over the span of five pages, it is explicitly stated how she would proceed with action in the next several months. Last Friday brought her official exit of Wynn Resorts’ structure, but this does not equal cutting off all ties, as she would be obliged to remain in touch with the casino operator up until the end of this year.
This is being done in order to facilitate the final steps and matters revolving around her work at Wynn Resorts up to this point. Ms. Sinatra has been occupying the leading position in the structure of Wynn Resorts for the past 14 years and her responsibilities were significant over their span. In the meantime, there is also a document providing more clarity in relation to Ellen Whittemore who is going to succeed her on the leading position.
The arrangement of her future work at Wynn amounts to some 26 pages in which it is listed that her annual base salary would amount to $600,000. In addition to that, she would also be able to file in for a special plan based on the overall performance of every executive office within the structure which has the potential to rake in bonus payment doubling up her annual salary.
As it is stated in the special arrangement related to her future operation, Ms. Whittemore would have the right to use a profit sharing plan and she would be eligible to pension and retirement, insurance and provided health care in case of hospitalization.
Wynn Resorts Welcomes CEO to Board of Directors
What needs to be done prior to her appointment is for her to receive the necessary licensing issued by the Nevada Gaming Commission in order to operate in the field. It should be taken into account that Ms. Whittemore is a former shareholder at Brownstein Hyatt Farber Schreck and she has as many as 30 years of extensive experience as Gaming Attorney operating in the sector.
This gives her the practical knowledge needed in order to boost forward Wynn Resorts performance. Following this announcement it was also confirmed that the Board of Directors is going to be extended to 11 people since current CEO Matt Maddox and independent director Richard J. Byrne would join in.
The latter is well-acquainted with the operation of the company and has been providing crucial advice to the company over the past years. This increases the overall tally of new directors appointed since the beginning of this year to six people. Meanwhile, five members have left the Board following the sexual misconduct scandal of the end of January. Wynn Resorts is more than willing to turn the page on the past six months and leave the negative impact of this sandal behind.
With the help of this and other damage control measures, the current CEO is working towards repairing the casino operator’s damaged image and elevating its performance. Encore Boston Harbor which would be the next casino resort overseen would launch in June 2019, but for the time being while construction is still in progress, Massachusetts Gaming Commission is still investigating the circumstances of its casino license obtaining and could potentially revoke it.