The company has decided to cut salaries due to the impact of the pandemic on group finances but confirmed a later compensation.
Macau.- The gaming operator Wynn Resorts Ltd. has announced a 20 per cent salary cut for all management across the group.
The company announced the measure in a filing sent to the U.S. Securities and Exchange Commission.
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.
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.”
As a result of the amendments, the annual base salary of Maddox – who is also Wynn Macau’s CEO – will be reduced to US$1.9m with Billings annual compensation reduced to US$1.14m and Whittemore’s reduced to US$665,000.
Wynn Resorts reported some US$1.7bn in net losses in the first nine months of 2020.