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\n\tKeynote speaker Steve Wynn, CEO of Wynn Resorts, speaks during a seminar at the Global Gaming Expo at Sands Expo and Convention Center in Las Vegas Tuesday, Sept. 30, 2014. On Tuesday, Jan. 20, 2015, Wynn Resorts Ltd. said it was cutting the CEO\u2019s salary to $2.5 million per year from $4 million<\/p>\n
\tBy HOWARD STUTZ
\n\tLAS VEGAS REVIEW-JOURNAL
\n\tSteve Wynn\u2019s 37.5 percent pay cut in base salary was described by Wynn Resorts Ltd. as an adjustment that will include a performance-based equity component as part of his compensation.<\/p>\n
\tIn a filing Tuesday with the Securities and Exchange Commission, Wynn Resorts Ltd. said it was slashing the CEO\u2019s salary to $2.5 million per year from $4 million. Wynn, 72, who is also chairman of the casino company, had his employment agreement extended two years, expiring in October 2022.<\/p>\n
\tIn an emailed statement, Wynn spokesman Michael Weaver said the change marked the first time the CEO would receive equity as part of his compensation.<\/p>\n
\tThe new employment agreement \u201cnow places an greater proportion of his overall compensation attributable to components that drive stockholder value versus fixed base salary,\u201d Weaver said.<\/p>\n
\tWynn Resorts, which operates casinos on the Strip and Macau, said in March SEC filing that it would emphasize pay-for-performance in its executive compensation by reducing fixed components and increasing incentive potential.<\/p>\n
\t\u201cMr. Wynn\u2019s contributions to the company\u2019s longstanding, consistent achievement over the last decade have been, and continue to be, instrumental in creating significant stockholder value,\u201d Weaver said.<\/p>\n
\tWynn is worth $3.5 billion, according to Forbes magazine.<\/p>\n
\tHe will also now have to pay to use the company jet for personal purposes, though the filing outlined a $250,000 credit per year that he will receive to offset the reimbursement charges.<\/p>\n
\tMeanwhile, Nomura Securities analyst Harry Curtis downgraded the stock value of Wynn Resorts and Las Vegas Sands Corp. because of declining prospects in Macau, where the market\u2019s 35 large and small casinos saw gaming revenue fall 2.6 percent in 2014, the region\u2019s first-ever annual decline.<\/p>\n
\tMacau has experienced seven straight monthly gaming revenue declines, culminating with December\u2019s 30.4 percent dip \u2014 the market\u2019s largest-ever single month drop.<\/p>\n
\tWynn has two casinos in Macau and is building the $4 billion Wynn Palace on the Cotai Strip.<\/p>\n
\tMacau\u2019s casino industry has suffered since June. A crackdown on corruption by the Chinese government has focused on junket operators who bring high-end baccarat gamblers to the casino\u2019s ultraexclusive private gambling rooms. Several operators have been linked to Chinese organized crime triads.<\/p>\n
\tThe crackdown has scared away high-end business, which was largely responsible for Macau\u2019s record $45.2 billion gaming revenue total in 2013.<\/p>\n
\t\u201cWith Beijing\u2019s insistence on diversifying Macau\u2019s revenues from gaming, we assume 40 percent to 50 percent lower table allocations for the new resorts,\u201d Curtis said.<\/p>\n
\tShares of Wynn gained 86 cents, or 0.61 percent, to close at $142.89 on Wednesday on the Nasdaq.<\/p>\n
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Keynote speaker Steve Wynn, CEO of Wynn Resorts, speaks during a seminar at the Global Gaming Expo at Sands Expo and Convention Center in Las Vegas Tuesday, Sept. 30, 2014. On Tuesday, Jan. 20, 2015, Wynn Resorts Ltd. said it…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8558","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8558"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8558\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}