March 26, 2020

Wynn executives forgoing salaries to reduce financial impact

Wynn executives forgoing salaries to reduce financial impact

Top executives at US casino operators Wynn Resorts Ltd have announced that they will be forgoing some of their salaries by 2020 to reduce the financial impact of the ongoing coronavirus pandemic.

According to a report from the Las Vegas Review-Journal newspaper on Tuesday, the coronavirus epidemic killed 785 people in the US last week and caused Nevada to temporarily close one of its 219 commercial casinos, including Encore Las Vegas and Wynn Las Vegas, which is managed by Wynn Resorts Limited.

As part of a strategic plan to manage the financial decline caused by the pandemic, Wynn Resorts is offering to cover employees salaries for 30 days while the business was closed. Current employee salaries and “other expenses” are paid with cash savings resulting from salary deductions from the executive.

“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.” CEO Matt Maddox told CNBC in an interview published Tuesday

“The cash savings arising from the executive salary reductions will be used to offset ongoing employee payroll and other expenses.”

Earlier this month, Wynn was the first company to announce that they would voluntarily close their properties after initially announcing plans to close daytime clubs, night clubs, theaters, poker rooms, and the casino’s sportsbook.

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