90% of Wynn Macau management accepts share option scheme
The company said it has been closely communicating with the Labour Affairs Bureau to ensure the arrangements comply with the law.
Macau.- Wynn Macau has announced that more than 90 per cent of its management has accepted a voluntary plan in which they will receive company stock in exchange for a temporary pay cut from June 2022 to December 2022.
The proposal had surprised some labour associations. Legislator Ron Lam U Tou queried it with the Labour Affairs Bureau (DSAL) and had it confirmed that Macau’s Labour Relations Law does not allow casino operators to pay employees through company stocks.
However, the casino operator said it had been “closely communicating with the Labour Affairs Bureau to ensure the arrangements are in full compliance with the law.”
Wynn shares rose 4.3 per cent to HK$5.00 in Hong Kong trading on Wednesday. However, stocks are at historically low levels. Before the pandemic, Wynn shares were trading at around HK$20.
Wynn Macau reported US$161.2m in net losses for 2022 Q1. It also registered a fall in operating revenues to US$298.4m, down 28.4 per cent when compared to the previous year. EBITDA was US$6m. The casino operator registered a negative adjusted property EBITDA of US$4.7m for the first quarter, compared to a positive US$16.6m for the first quarter of 2021.
In the last quarter of the year 2021, the company had reported US$208.1m in net losses, an increase from the US$179.8m loss reported in the previous quarter.
