Craig Billings extends contract as Wynn Resorts CEO
Billings will continue in his role as CEO of Wynn Resorts until June 2027.
Macau.- Wynn Resorts chief executive officer Craig Billings has signed a four-year contract extension, taking his leadership of the company to June 2027. Contractual details disclosed in a filing with the US Securities and Exchange Commission show Billings will get an above-inflation rise in his annual salary, from MOP14.63m (US$1.8m) to US$2m.
Under the revised terms, Billings annual target bonus has been raised from a minimum of 200 per cent to a minimum of 250 per cent of his annual base salary. The value of his annual equity grant of restricted stock has been raised from 375 per cent to 410 per cent of his annual base salary.
Billings joined Wynn Resorts in March 2017. After serving as the company’s chief financial officer and later as the chief executive officer of Wynn Interactive, he assumed the CEO position on February 1, 2022, following the departure of Matt Maddox.
Last month, the company announced the appointment of Julie Mireille Cameron-Doe as a non-executive director after Ian Michael Coughlan‘s term as a non-executive director concluded.
The company said Cameron-Doe brings a wealth of experience to the role, having served as chief financial officer of Wynn Resorts since April 2022. Before that, she held the position of chief financial officer at Australia-listed Aristocrat Leisure Limited.
Wynn Macau reports US$47.13m profit for Q1
Wynn Macau has shared its financial results for the first quarter of the year. It reported a profit of US$47.13m, up from a loss of US$98.26m for the same period last year. The company recorded adjusted property EBITDAR of US$155.8m, reversing a negative US$5.54m in the first quarter of 2022.
Wynn Palace saw revenue of US$369.36m during the period, up 126.2 per cent when compared to last year. The property recorded adjusted property EBITDAR of US$111.05m, compared to a loss of $864,000.
Casino revenue at the property was up 136.6 per cent in year-on-year terms to US$270.68m, while VIP turnover was up by 137.5 per cent at US$2.29bn and the mass table drop 122.2 per cent at US$1.18bn.
Meanwhile, Wynn Macau‘s revenue was US$230.72m, up 70.8 per cent year-on-year. Adjusted property EBITDAR was US$44.74m, up from a loss of US$4.68m. Casino revenue at the venue grew by 72.2 per cent to US$176.38m and VIP turnover 29 per cent to US$1.14bn.
