Wynn executives trade salaries to fund employee payroll
Wynn Resorts executives have agreed to trade all or part of their salaries for stock in the company to help fund the payroll of its employees.
In light of the outbreak of COVID-19, the operator has been forced to close its properties in the US, including Encore Boston Harbor and Wynn Las Vegas.
The operator announced it would be paying its 13,000 (approximately) employees, including their average tips, despite the casino closures.
Wynn CEO Matt Maddox, who reportedly earned $1.9m in cash and $12m in company stock last year, has agreed to trade 100% of his salary for the remainder of the year for Wynn shares.
On Monday, Maddox received 32,071 shares of Wynn stock, according to a regulatory filing.
Other unnamed executives have agreed to exchange portions of their salaries for company stock, ranging from 33% to 100%.
The operator described the measures as its “strategic plan to navigate through the financial downturn caused by the COVID-19 pandemic.”
On 17 January, Wynn was trading at a 12-month high of $151.62 but since dropped to a low of $43.02 on 18 March, as COVID-19 impacted the company’s operations. Since then, it has risen slightly to $66.56.
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