TER 26 DE MAIO DE 2020 - 01:39hs.
In exchange for firm’ stocks

Wynn reduces top executives’ salary to pay employees

Wynn Resorts, one of the the major US casino operator, has secured a voluntary reduction in salaries, ranging between 33 and 100 per cent, from its board of directors for the remainder of the year in exchange for Wynn stock. The cash savings will be used to pay employees salaries and other expenses whiel casinos are closed due to the coronavirus crisis.

The measure is part of the group’s “strategic plan to navigate through the financial downturn caused by the Covid-19 pandemic,” stated Wynn Resorts in a written announcement this week.

The company announced last week that it would pay all of its employees, including their average tips, after it closed its resorts in Boston and Las Vegas.

According to the document, the group’s chief executive, Matt Maddox, has agreed to forego 100 percent of his salary in exchange for shares for the remainder of the year. On Monday, Maddox received 32,071 shares of Wynn Resorts stock, according to a regulatory filing.

In the company’s release, Wynn Resorts said the cash savings arising from the executive salary reductions “will be used to offset ongoing employee payroll and other expenses”. The company did not disclose the expected amount of savings from its latest measure.

Wynn Resorts said on March 15 it would close its Las Vegas properties for two weeks to contain the spread of the virus, but after that announcement the governor of Nevada ordered casinos in the state to close for at least 30 days.

Source: GMB