Other directors and high-ranking executives altered their salaries in exchange for stock, with some trimming salaries by 33 percent up to 100 percent.<\/strong><\/p>\nDealing With Uncertainty<\/h2>\n
The stock grants were made to \u201cmotivate and retain\u201d critical employees for the rest of this year and \u201ca substantial portion of 2021,\u201d a period Wynn expects will be marked by high levels of operating uncertainty stemming from the coronavirus pandemic.<\/p>\n
Beyond Billings, Maddox, and Whittemore, employees on the receiving end of the equity awards weren’t identified in the SEC filing. But the program is applicable to Las Vegas employees, as well as some higher-ups at Encore Boston Harbor.<\/p>\n
The compensation committee also introduced new performance incentives for the second-half of 2020 for the aforementioned named executives that are more in line with the current operating climate.<\/p>\n
Without getting into specifics, the filing indicates the new incentives center around cash generation, preservation of the operator’s North America business, and reaching certain market share benchmarks in Macau, Wynn’s most important market<\/strong>.<\/p>\nOn the company’s second-quarter earnings conference call earlier this month<\/a>, Maddox made clear to analysts and investors that the company is highly focused on cash flow generation.<\/p>\n","protected":false},"excerpt":{"rendered":"Wynn Resorts (NASDAQ:WYNN) said the compensation committee of its board of directors signed off on issuing 176,247 shares of stock to retain 240 employees, including named executives through the end of this year and well into 2021. The Encore operator revealed the equity grants in a Form 8-K filing with the Securities and Exchange Commission […]<\/p>\n","protected":false},"author":46,"featured_media":145879,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Wynn Resorts Is Using Stock as a Retention Invenctive<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n