Wynn Resorts To Cut Executive Salaries On Coronavirus Fears

 | Mar 24, 2020 09:07PM ET

Wynn Resorts, Limited’s (NASDAQ:WYNN) board of directors and top executives have decided to forego between 33% and 100% of their salaries in the light of the coronavirus-induced economic downturn. Matt Maddox, CEO, has agreed to give up 100% of his salary in exchange for shares for the rest of 2020.
These savings will be utilized to compensate ongoing employee payroll and other expenses. Despite the closure of its resorts in Boston and Las Vegas, the company has already announced that it will pay all of its employees, which also include their average tips.
Owing to the ongoing coronavirus pandemic, the shares of this Zacks Rank #5 (Strong Sell) have fallen 39.9%, compared with the Zacks Investment Research
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