The company has decided to cut salaries due to the impact of the pandemic on group finances but confirmed a later compensation.<\/p>\n\n\n\n\n\n\n\n
Macau.- The gaming operator Wynn Resorts Ltd. has announced a 20 per cent salary cut for all management across the group.<\/p>\n\n\n\n
The company announced the measure in a filing sent to the U.S. Securities and Exchange Commission.<\/p>\n\n\n\n
The filing said that the Group had entered amended employment agreements for CEO Matthew Maddox, President and Chief Financial Officer Craig Billings and Executive Vice President, General Counsel and Secretary, Ellen Whittemore, that will temporarily reduce the annual base salary compensation for each by 20 per cent for the first three months of 2021.<\/p>\n\n\n\n
The group said: “As of April 1, 2021, the annual base salaries will be restored to 100 per cent of the annual base salary compensation in the applicable employment agreement.”<\/p>\n\n\n\n
As a result of the amendments, the annual base salary of Maddox \u2013 who is also Wynn Macau\u2019s CEO \u2013 will be reduced to US$1.9m with Billings annual compensation reduced to US$1.14m and Whittemore\u2019s reduced to US$665,000.<\/p>\n\n\n\n
Wynn Resorts reported some US$1.7bn\u00a0in\u00a0net\u00a0losses in the first nine months of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"
The company has decided to cut salaries due to the impact of the pandemic on group finances but confirmed a later compensation.<\/p>\n","protected":false},"author":2,"featured_media":13120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Wynn Resorts Ltd. has implemented a temporary 20% salary reduction for its top management, including CEO Matthew Maddox, President\/CFO Craig Billings, and EVP\/General Counsel Ellen Whittemore, for the first quarter of 2021. This measure, disclosed in an SEC filing, is a direct response to the significant US$1.7 billion net losses incurred in the first nine months of 2020 due to the pandemic's impact, with salaries slated for full restoration by April 1, 2021.","focusai_entities":"Wynn Resorts Ltd., Matthew Maddox, Craig Billings, Ellen Whittemore, Wynn Macau, U.S. Securities and Exchange Commission","focusai_location":"Macau, USA","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact on Q1 EBITDA?","query":"What is the projected impact of these temporary executive salary reductions on Wynn Resorts' Q1 2021 EBITDA and overall liquidity position, considering the broader market recovery trajectory?"},{"label":"Industry Compensation Trends?","query":"How do these executive compensation adjustments at Wynn Resorts align with broader industry trends for managing overhead and executive remuneration during periods of reduced Gross Gaming Revenue (GGR) across major gaming verticals?"}],"footnotes":""},"categories":[160,157,16338,158],"tags":[23906,20777],"class_list":["post-13114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-east-asia-news","category-slider-home","tag-macau-casinos","tag-wynn-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13114"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13114\/revisions"}],"predecessor-version":[{"id":13132,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13114\/revisions\/13132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13120"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}