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.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Hard Rock International said it has acquired the casino premise license from The Ritz Club in London, UK. This transaction will allow Hard Rock to seek out and establish a new casino premise in London, continuing Hard Rock’s expansion into major gateway cities around the world.
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.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.