Wynn Macau Ltd grants US$26mln in shares to staff, others to mark 20th anniversary of first Macau property

Macau casino operator Wynn Macau Ltd has granted nearly 36.0 million shares to more than 11,000 employees and other parties under an employee ownership scheme, as the company marks the 20th anniversary of the opening of its first property in the city, the Wynn Macau hotel-resort. The 35,975,508 shares had an aggregate market value of approximately HKD204.0 million (US$26.0 million), based on the HKD5.67 closing price of Wynn Macau Ltd stock on Wednesday, the date of the grant. The awards represent approximately 0.68 percent of the company’s issued share capital and will be satisfied through the issuance of new shares, according to a filing to the Hong Kong Stock Exchange. The grant covers 11,040 Wynn Macau Ltd employees, including executive directors Linda Chen and Frederic Luvisutto. It also includes 16 people associated with related entities and one service provider, per the filing. Ms Chen, president and vice chairman of Wynn Macau Ltd, was awarded 8,562 shares. Mr Luvisutto, the company’s chief operating officer, was granted 2,740 shares. Wynn Macau Ltd, a subsidiary of United States-based casino group Wynn Resorts Ltd, operates Wynn Macau on the city’s peninsula – a property opened on September 6, 2006 – and Wynn Palace in the Cotai district. The Macau unit said in a separate press release that nearly 95 percent of its 11,660 full-time employees would benefit from the share grant. More than 1,400 employees have remained with the group since the Wynn Macau venue opened in 2006, the company noted. Each eligible “day-one” employee is to receive an award of Wynn Macau Ltd shares valued at MOP50,000 (US$6,210), as well as a 20-year service certificate, the firm stated. The long-serving employees were recognised at a special anniversary event (pictured), according to the announcement. Wynn Macau Ltd president Ms Chen said the initiative was intended to acknowledge employees’ contribution to the company over the past two decades. “Every day, our team members are united by a shared sense of trust, purpose and aspiration as they showcase Macau’s renowned hospitality and exceptional service to guests from around the world,” Ms Chen was quoted as saying in the release. The exchange filing stated that awards to 1,451 employees, including one executive director, would vest in two equal instalments: the first on September 6 this year and the remainder on September 6, 2027. The company said those recipients had at least 20 years of service. Awards to another 9,585 employees – including one executive director – as well as to 15 related-entity participants and the service provider, are to vest on September 6, 2027. A small number of other awards carry different vesting schedules extending as far as 2030. Only part of the grant to one participant is linked to performance targets concerning the group’s operating and financial results. All other awards are not subject to performance targets.