January 6, 2021 Casino, Land-Based

COVID-19: Wynn Resorts executives take 20% salary cut until April

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Wynn Resorts has announced that three of its top corporate executives will take a 20% pay cut for the first three months of 2021.

In a move to help mitigate the losses incurred by the COVID-19 pandemic, CEO Matt Maddox, president and CFO Craig Billings and general counsel Ellen Whittemore will take a reduction in salary from 1 January to 1 April.

As a result, Maddox will have his salary reduced to $1.9m, Billings down to $1.14m and $665,000 for Whittemore.

Wynn Resorts has suffered huge losses due to the pandemic, which forced its Las Vegas properties shut for nearly 80 days and Encore Boston Harbor was closed for more than three months.

The casino operator recorded a 78% year-on-year revenue decline for Q3 2020 down to $370.5m and furloughed thousands of its employees in July with properties starting to reopen, due to heavy losses.

While during the start of the pandemic in March, Maddox traded the rest of his $1.9m based salary in exchange for common stock in Wynn that he was able to redeem at the end of the year, with directors and executives departing with between 33% and 100% of their salaries.

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