Wynn Resorts Ltd has announced temporary amendments to the employment contracts of its CEO Matt Maddox, CFO Craig Billings and Executive Vice President General Counsel and Secretary Ellen Whittemore that will see the pay of all three reduced by 20% for the next three months.
No reason was provided for the short-term reduction.
In a filing, Wynn said the reductions would apply for the first three months of 2021, with Maddox to subsequently see his annual base salary for 2021 reduced to US$1.9 million. It is unknown if there will be any impact on bonus payments for Maddox, who received US$17.1 million including both base salary and bonus target compensation in 2018.
Billings will see his base salary fall to US$1.14 million and Whittemore to US$665,000.
Their 2021 annual base salaries will be restored to 100% on 1 April 2021.
Wynn Resorts reported a net loss of US$758.1 million in the three months to 30 September 2020 on a 77.5% decline in group-wide revenue to US$370.5 million.
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