Gaming operator Wynn Resorts Ltd. announced a 20 percent pay cut for the entire management of the entire group, but confirmed later compensation..
The company announced the measure in a document sent to the U.S. Securities and Exchange Commission.
The filing said the Group entered into 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 by 20 percent for the first three months of 2021.
The group reported:
“From April 1, 2021, the annual base salary will be restored to 100 percent of the annual compensation of the base salary in accordance with the current employment contract.”
As a result of the amendments, the annual base salary of Maddox, who is also the CEO of Wynn Macau, will be reduced to $ 1.9 million, Billings ‘ annual compensation will be reduced to $ 1.14 million, and Whittemore’s salary will be reduced to $ 665,000.
Wynn Resorts reported a net loss of $ 1.7 billion for the first nine months of 2020.