The Buzz | For Steve Wynn, dividend boost brings a USD12 million windfall
Turns out Steve Wynn will get a severance package of sorts after all. Wynn Resorts Ltd. unexpectedly raised its dividend by 50 percent, an increase that will deliver an extra USD12 million into its founder’s bank account over the next year.
The casino operator said last month that Wynn, who resigned over allegations that he pressured employees for sex, wouldn’t receive a severance package and would lose benefits such as health insurance and a villa leased to him from the resort, as the company looked to cut all ties with Wynn.
Wynn Resorts’ dividend boost means Wynn can still walk away with more cash in his pocket. The operator plans to raise its annual dividend by $1, to $3 a share starting in 2018. For Wynn, who holds about 12.1 million shares of the company, that dividend payout translates to an extra $12.1 million for the year.
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