I'm afraid it does not. See
Oleg's repository.
I cannot see any firmware for WL-500W there?
It seems to be quite new, that's probably the reason.
There are several threads asking the same in
WL500 info forae, but so far I did not find any where Oleg has made a statement.
See also:
What happened to the WL-500gP? And how is the WL-500W? It is also not yet listed in OpenWrt's lists of compatible devices:
OpenWRT Table of HardwareI would recommend you to ask Oleg directly if and when there will be a release for this unit.
Do that in
WL500 info forae