Wynn Resorts to Cut Executive Salaries 33% to 100% During Pandemic
To help finance the payment of employees who are unable to work during the coronavirus pandemic, Wynn Resorts' (NASDAQ: WYNN) board of directors and executives are cutting their own compensation between a third and 100%. CEO Matt Maddox agreed to forgo his entire salary for the rest of the year; in exchange, he will receive Wynn stock.
Casinos were among the first industries, along with restaurants and retailers, to be ordered closed in the U.S. to limit the spread of COVID-19, the disease caused by the novel coronavirus.
Wynn has promised to continue paying all of its employees, including the average tips they earned, during the crisis.
Source Fool.com
