Wynn Resorts is distributing stock to a large number of key employees to incentivize them to stick with the company through the pandemic.
The company has offered a combined 176,247 shares to around 240 of its “top leaders” in Las Vegas and Boston, including executive officers, according to a filing with the Securities and Exchange Commission. Workers cited by the Las Vegas Review-Journal.
The shares will vest after one year, according to the report.
“I’m committed to making sure Wynn emerges on top,” stated a letter to the recipients from CEO Matt Maddox. “But it will take each of you to make it happen. I want you to be an owner of the company. It is your dedication that will allow our culture and values to prevail.”
Many of the shares were slated to go to Maddox based on certain performance objectives that are “no longer relevant in light of the extremely challenging conditions stemming from the Covid-19 pandemic,” the SEC filing said.
Maddox, who gave up his 2020 salary after the pandemic hit, has instead received 24,501 of the shares. Other recipients include CFO Craig Billings, who received 13,476, and Executive Vice President Ellen Whittemore, who received 6,585.
I think that (the stock grant) is consistent with how Wynn has treated their workforce throughout this whole pandemic,” said Josh Swissman, founding partner of The Strategy Organization, a Las Vegas gaming and hospitality consulting firm.
“This isn’t a sea change, but at least the company is trying to ensure that there won’t be a major brain drain in key areas so that, when the rebound happens, Wynn will hold up as a brand,” said Nehme E. Abouzeid, a former Wynn marketing executive and president of consulting firm LaunchVegas.
