Wynn CEO Billings, Other Execs Reduce 2022 Salaries in Exchange for Stock

Wynn Resorts (NASDAQ:WYNN) CEO Craig Billings is among the high-ranking executives at the gaming companion taking reductions inward 2022 hard cash salary inwards exchange for shares of the gambling casino operator.

A flock of Form 4 filings with the Securities and Exchange Commission (SEC) released earliest this month point Wynn initiated a “voluntary” computer programme for certain employees of the keep company and Wynn Macau — its China limb — to trim 2022 salaries in change for an combining weight amount of equity.

In identification of the substantial portion of Wynn Resorts’ NEOs’ roles related to to the oversight and supervision of our Macau Operations, Mr. Billings voluntarily reduced the hard cash amount of his base salary for the residue of 2022 past 35% in exchange for a subsidisation of an eq note value of options to acquire Wynn Resorts, Limited unwashed stock. Such options shall waistcoat inwards replete(p) on Dec 31, 2022. Should Mr. Billings leave behind his employment prior to December 31, 2022 for any reason, the options shall robe on a pro-rata basis,” according to the filing.

The regulatory papers indicates that on May 11, Billings acquired 21,803 shares of his employer’s equity by path of options. Those options are excercisable on Dec. 31, 2022 and expire on May 11, 2025.

News of the salary reduction/stock compensation architectural plan comes as Wynn, similar so many gaming equities, is getting drilled this year. Amid an ongoing slump inward its marquise market of Macau, Wynn is away almost 26% year-to-date and 54% over the yesteryear year.

Other Wynn Directors, Execs Join Party

Billings fictitious the top dapple at Wynn inward February, succeeding Matt Maddox and the new chief executive director officer appears to be scope an deterrent example for his colleagues as other directors and executives are participating inwards the salary-for-stock swap.

For example, a Form 4 filing confirms gameboard member Darnell Strom in agreement(p) to a 33% simplification inwards 2022 salary inward interchange for 475 options. Director Winfred Beatrice Webb is waiving the residue of 2022 salary inward exchange for 1,643 shares of Wynn stock.

Ellen Whittemore, superior general counsel and executive director vice president at the Las Vegas-based company, is taking a 33% prune to the residuum of her 2022 salary patch accepting 10,383 shares, according to a regulatory document. Director Phillip Satre waived the rest of his 2022 salary and testament receive 3,251 Wynn shares as a result. Julie Cameron–Doe, who replaced Billings as chief financial officer, is participating inward the programme as well.

“Ms. Cameron-Doe voluntarily rock-bottom the cash amount of her humble salary for the remainder of 2022 past 33% in change for a grant of an tantamount(p) economic value of options to gain Wynn Resorts, Limited vernacular stock. Such options shall robe inward total on Dec 31, 2022. Should Ms. Cameron-Doe leave her engagement prior to December 31, 2022 for any reason, the options shall vest on a pro-rata basis,” according to a Form 4.

Director Betsy Atkins is declining 100% of her remaining 2022 salary inwards exchange for 1,677 shares.

Not the First Time Wynn Has Done This

This isn’t the world-class time the Encore Boston Harbor manipulator has used a salary-for-stock architectural plan to shine executives’ trust inwards the battered shares.

At the tallness of the coronavirus pandemic inward 2020, the operator revealed and so CEO Maddox would forego 100 percent of his 2020 hard currency salary, opting to follow compensated exclusively inwards equity.

Other Wynn executives and some table members followed suit, taking hard cash salary reductions ranging from 33 percent to 100 percent inward exchange for stock.

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