Press release
Wynn Resorts Statement Regarding Reduction of Executive Salaries
LAS VEGAS--(BUSINESS WIRE)-- As part of its strategic plan to navigate through the financial downturn caused by the COVID-19 pandemic, the Board of Directors
About this update from Wynn Resorts, Limited
[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nAs 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.\n\n\nAbout Wynn Resorts \n\n\nWynn 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).\n\n\nWynn 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.\n\n\nEncore 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.\n\n\nWynn Macau is a luxur...