Wynn Resorts, Ltd. (WYNN) closed up 2%. November put option implied volatility is at 48, January is at 46. This is near its 26-week average of 47, according to Track Data, suggesting non-directional price movement.

Children's Place (PLCE) closed down 13% on a lower Q3 EPS view due to a slower sales trend. November option implied volatility is at 47, December is at 45, January is at 43. This is above its 26-week average of 40, according to Track Data, suggesting larger price movement.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Luxury casino operator Wynn Resorts (WYNN) traded higher after hours today following the company's better-than-expected earnings report this afternoon.

Higher revenue in China and Las Vegas helped the company to report a profit after posting a loss during the same period last year. Earnings for the quarter were 22 cents per share, versus a loss of 30 cents during the same period last year. Analysts had been expecting to see WYNN post earnings of 14 cents a share.

Vail Resorts Inc. (NYSE: MTN) reported an earnings drop of 29% for its fiscal third quarter. Weakness in visits from out-of-state guests was the primary reason. Total skier visits across the company's properties -- Vail, Beaver Creek, Keystone and Breckenridge in Colorado, and Heavenly in California -- were down 5.3% relative to the same period for the previous year.

The ski resort operator generated total earnings for the quarter (which ended April 30, 2009) of $61.6 million, which amounts to $1.68 per share. For the quarter ending April 30, 2008, Vail Resorts had earnings of $87.3 million (or, $2.24 per share).

Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) Chief Executive Steven Heyer passed up $35 million in severance after he was ousted following allegations of personal misconduct.

In an interview with the Wall Street Journal [subscription required], Heyer said he gave up the money because "life is too short" to defend himself against the allegations. "I'm burned out," he told the paper "I wanted to walk away from this job with my head held high."

Heyer's attempt at taking the high road is hard to believe.

An anonymous letter sent to Starwood's board in February had 10 specific instances that alegedly showed that Heyer had created a "hostile work environment," the Journal said, adding that Heyer was accused of making inappropriate physical contact with a female employee outside a public restroom. Heyer denied the allegations.

There must have been pretty damning evidence against him for Heyer to give up a big severance package. He still isn't poor, though, collecting $250,000 in salary, a $2 million bonus, and restricted stock that has vested worth $4.8 million, Bloomberg News said.

Starwood deserves credit for acting swiftly and decisively in this matter. These days, companies have little tolerance these days for this type of boorish behavior from chief executives or anyone else for that matter.

There may be a silver lining in this for investors.

Since Heyer vowed to keep Starwood independent, his departure may lead to a sale of the hotelier to founder Barry Sternlicht, the owner of Starwood Capital, or other private-equity firms, according to Bloomberg.