As part of its strategic plan to navigate the difficult financial conditions caused by the COVID-19 pandemic, Wynn Resorts’ top executives have agreed to take a 33-100 percent salary cut for the remainder of 2020.
According to a company press release, the executives include the company’s board of directors and top executives, who will receive company shares in lieu of salary.
Wynn Resorts said the cash savings from this scheme will be used to offset ongoing employee payroll and other expenses.
The Company announced last week it would pay all of its employees, including their average tips, after it closed its resorts in Boston and Las Vegas to help reduce community spread of the virus.
When the Jeju Dream Tower opened its doors to the public in December, the executives of Lotte Tour Development told the local press that they hoped to have all the necessary permissions to open the casino by March.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.