Wynn Resorts Chief Executive Officer Craig Billings amazed many people when he took a salary reduction alongside other executives in exchange for the casino operator’s shares. He is among the high-ranking officials at the company and has been interested in the stock of late.
The casino operator released Form 4 filings it completed with the Securities and Exchange Commission (SEC), showing that it started a voluntary program for particular workers and its Chinese subsidiary, Wynn Macau, to cut this year’s salaries in exchange for equity.
Billings willingly reduced his cash salary for the rest of this year by 35 percent to get a grant of an equal value of choices to get Wynn Resorts’ Limited common stock. He recognized the NEO’s roles in its Macau operations’ supervision and oversight. The options will manifest fully on December 31, 2022.
Even so, the filing states that the options will vest based on pro-rata if Billings resigns before the end of this year due to various reasons. The document highlights that Billings got 21,803 shares of equity on May 11. He can exercise these options on December 31, 2022, and they will last up to May 11, 2025.
The salary reduction and stock compensation news came when Wynn Resorts is drilled together with other leading gaming operators in the country. Its year-to-date revenue has dropped by 26 percent, while its performance has reduced by 54 percent in the last year as its Macau market slumps.
Other Directors and Executives Join Billings
Wynn Resorts appointed Billings as its new CEO in February, and he succeeded Matt Maddox. He is setting a good example for other executives and directors in accepting the salary-for-stock swap.
A Form 4 filing states that Darnell Strom, the resorts’ board member took a 33 percent salary cut for the rest of 2022 to get 475 options. Also, Winfred Webb, another director, waived the rest of this year’s salary to get 1,643 Wynn stock shares.
Wynn Resorts executive vice president and general counsel Ellen Whittemore is willing to take a 33 percent salary deduction in exchange for 10,383 shares. Phillip Satre, a director, waived his remaining 2022 salary for 3,251 shares.
Julie Cameron-Doe, the operator’s Chief Financial Officer, took a 33 percent cut of her remaining 2022 base salary to get an equivalent value option to get the resorts’ Limited common stock. These options will fully vest on December 31, 2022.
Even so, Form 4 states that they will vest based on pro-rata if she stops working at the casino operator for any reason. Betsy Atkins, another director, won’t take her whole remaining 2022 salary for 1,677 shares.
Wynn Has Done This Again in the Past
Some people think that this is the Encore Boston Harbor casino operator’s first time showing its executives’ confidence in its shares using the salary-for-stock exchange plan.
But it was revealed in 2020, during the Coronavirus pandemic, that Maddox, then CEO, would take a 100 percent cash salary cut in exchange for equity.
Several board members and executives followed him as they took 33 percent to 100 percent salary deductions to acquire stock.
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