Wynn Resorts management agrees with an annual wage reduction

The management of Wynn Resorts, Limited will see a cut in its annual base salary of some 20 per cent, the company announced in a filing sent to the U.S. Securities and Exchange Commission.

According to the parent group of Wynn Macau, on January 1, it entered amended employment agreements for CEO, Matthew Maddox, President and Chief Financial Officer, Craig Billings, and Executive Vice President, General Counsel and Secretary, Ellen Whittemore, that will temporarily reduce the annual base salary compensation for each of them by 20 per cent for the first three months of 2021.

‘As of April 1, 2021, the annual base salaries will be restored to 100 per cent of the annual base salary compensation in the applicable employment agreement,’ the group added.

As a result of the amendments, the annual base salary for 2021 of Maddox – Who is also Wynn Macau’s CEO – will be reduced to US$1.9 million with Billings annual compensation reduced to US$1,14 million and Whittemore’s reduced to US$665,000.

Wynn Resorts reported some US$1.7 billion in net losses in the first nine months of 2020.