As part of its 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 percent of their salary in 2020 in exchange for shares of Wynn stock. The company’s CEO, Matt Maddox, for example, will forego his entire 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.
Photo: Courtesy of Wynn Las Vegas