INSURERS TO CONTRIBUTE $21M TO WYNN RESORTS SHAREHOLDER SETTLEMENT

Wynn Resorts is to receive a total of $41m from insurers and former chairman and chief executive Steve Wynn as part of a settlement of shareholder lawsuits alleging that its directors were complicit in the disgraced casino mogul’s sexual misconduct. Insurers are to contribute $21m to the settlement on behalf of current and former Wynn employees and Wynn himself will pay the balance. Wynn stepped down and sold his shares in the company in February 2018 after multiple employees accused him of sexual assault. He has asserted the sex was consensual. Several lawsuits were filed on behalf of pension funds and other Wynn shareholders last year and consolidated into a single case in Las Vegas. Under the settlement, Wynn Resorts has agreed to several changes to its corporate governance.