Wynn Resorts top execs forego salary for remainder of 2020

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.

SHARE
Previous articleSPiCE India moves to August
Next articleStar stands down 90% of workforce

Related Articles

Macau operators make CSR push amidst coronavirus crisis

As the Covid-19 crisis descended upon, first, China, then the world, the six Macau operators have not been idle in their CSR efforts, in spite of the mandated casino closures and reopenings under difficult economic conditions.
Macau St Paul Ruins

Re-imagining Macau for a diversified future

This pandemic has changed the lives of many Macanese and millions of others globally. In this part of the world, we have moved from controlling its proliferation to managing a potential deep economic fallout as a result of it. 

Macau operators’ Q3 EBITDA loss to narrow to US$823 million

Macau's six operators are expected to post a collective EBITDA loss of $823 million for Q3, improving from a loss of $1 billion in Q2, according to a Bloomberg poll of analysts.

Wynn Resorts appoints new independent director

Wynn Resorts has announced the appointment of Darnell Strom as an independent director to its board, effective October 14.
China economy bounces back, but spending numbers a concern

China economy bounces back, but spending numbers a concern

While most of the world continues to grapple with the economic fallout from Covid-19, figures released Monday indicate China has left the worst of the pandemic behind, with gross domestic product growth of 4.9 percent in Q3.

Macau casino stocks hit by fears of China legal revisions

Macau-related casino stocks took a hit on the news that China's legislature was reviewing an amendment to the country's criminal law that could establish a new criminal definition for overseas gambling operations aimed at luring Chinese citizens.
Wynn Casino

Wynn warns of U.S./China tensions

Wynn Resorts has warned that the rising tensions between the U.S. and China could negatively impact its business prospects, including its ability to communicate with customers.

Wynn says Macau marketing war unlikely

Wynn Macau doesn’t foresee Macau’s six operators undertaking a major marketing push or promotional push to win back clients and expects there to be plenty of business once travel resumes.

Wynn Q2 revenues down 94.8 percent

Wynn Resorts reported Q2 financial results that were grimmer than expected, with group-wide operating revenues down 94.8 percent. Between April and June, operating revenues came in at only US$85.7 million, causing a US$638 million net loss attributable to the company. In Macau, Wynn Palace recorded only US$8.7 million in operating revenues, a 98.6 percent drop […]
news, asia gaming news, Japan IR, Japan gaming

Wynn blames Covid for Japan withdrawal

Wynn Resorts is closing its Yokohama office due to the impact of the Covid-19 crisis on the integrated resort business, though says long term it’s still interested in Japan.