Wynn Resorts Statement Regarding Reduction of Executive Salaries
March 24 2020 - 04:00PM
Business Wire
As part of its strategic plan to navigate through the financial
downturn caused by the COVID-19 pandemic, the Board of Directors
and top executives at Wynn Resorts have agreed to forego between
33% and 100% of their salary for the remainder of 2020 in exchange
for shares of Wynn stock. The Company's CEO, Matt Maddox, agreed to
forego 100% of his salary in exchange for shares for the remainder
of the year. The cash savings arising from the executive salary
reductions will be used to offset ongoing employee payroll and
other expenses. The Company announced last week it would pay all of
its employees, including their average tips, after it closed its
resorts in Boston and Las Vegas to help reduce community spread of
the virus.
About Wynn Resorts
Wynn Resorts, Limited is traded on the Nasdaq Global Select
Market under the ticker symbol WYNN and is part of the S&P 500
Index. Wynn Resorts owns and operates Wynn Las Vegas
(wynnlasvegas.com), Encore Boston Harbor (encorebostonharbor.com),
Wynn Macau (wynnmacau.com), and Wynn Palace, Cotai
(wynnpalace.com).
Wynn and Encore Las Vegas feature two luxury hotel towers with a
total of 4,748 spacious hotel rooms, suites and villas,
approximately 192,000 square feet of casino space, 22 dining
experiences featuring signature chefs and 11 bars, two
award-winning spas, approximately 290,000 square feet of meeting
and convention space, approximately 160,000 square feet of retail
space as well as two showrooms; two nightclubs, a beach club and
recreation and leisure facilities. Wynn Las Vegas recently unveiled
the new Wynn Golf Club and 18-hole, 129-acre championship golf
course, and in February 2020 debuted a 430,000-square-foot meeting
and convention space expansion powered by 100 percent renewable
energy.
Encore Boston Harbor is a luxury resort destination featuring a
210,000 square foot casino, 671 hotel rooms, an ultra-premium spa,
specialty retail, 15 dining and lounge venues, and more than 50,000
square feet of state-of-the-art ballroom and meeting spaces.
Situated on the waterfront along the Mystic River in Everett,
Massachusetts, the resort has created a six-acre public park and
Harborwalk along the shoreline. It is the largest private,
single-phase development in the history of the Commonwealth of
Massachusetts.
Wynn Macau is a luxury hotel and casino resort located in the
Macau Special Administrative Region of the People's Republic of
China with two luxury hotel towers with a total of 1,008 spacious
rooms and suites, approximately 273,000 square feet of casino
space, casual and fine dining in eight restaurants, approximately
31,000 square feet of meeting and convention space, approximately
59,000 square feet of retail space, and recreation and leisure
facilities including two opulent spas, a salon and a rotunda
show.
Wynn Palace is a luxury integrated resort in Macau. Designed as
a floral-themed destination, it boasts 1,706 exquisite rooms,
suites and villas, approximately 424,000 square feet of casino
space, 13 food and beverage outlets, approximately 37,000 square
feet of meeting and convention space, approximately 106,000 square
feet of designer retail, SkyCabs that traverse an eight-acre
Performance Lake, an extensive collection of rare art, a lush spa,
salon and recreation and leisure facilities.
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005711/en/
Michael Weaver, Wynn Resorts 702.770.7501
Michael.weaver@wynnresorts.com
Deanna Pettit-Irestone, Wynn Las Vegas 702.770.2121
deanna.pettit@wynnlasvegas.com
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