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.

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Source Fool.com