Wynn executives forego salaries during crisis

Wynn executives forego salaries during crisis

Wynn’s board of directors announced they are foregoing their salaries in order to preserve the salaries of the workforce.

US.- The board of one of the major casinos in the world, Wynn Resorts, has announced a voluntary reduction in their salaries, ranging between 33 and 100 per cent, for the remainder of the year in exchange for Wynn stock.

The measure was taken to face the crisis related to the pandemic and has been led by CEO Matt Maddox, who is foregoing all of his salary.

The cash savings will be used to offset ongoing employee payroll and other expenses.

The company announced last week it would pay all of its employees for 30 days, including their average tips, after it closed Encore Boston Harbor and Wynn and Encore Las Vegas to help to contain the spread of the virus.

Earlier in the month, Wynn was the first company to announce it was voluntarily closing its properties after first saying it would close its nightclub, dayclub, theatres and the casino’s sportsbook and poker room.

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