Wynn Resorts’ CEO, CFO voluntarily cut base salary by 10pct in exchange for common-stock options

Wynn Resorts Ltd’s chief executive Craig Billings, and its chief financial officer (CFO) Craig Fullalove, have each voluntarily reduced by 10 percent the cash amount of their base salary through to July 31, 2027. The move is in exchange for a grant of an equivalent value of options to acquire the casino operator’s common stock. That is according to the casino company’s filings with the United States Securities and Exchange Commission. U.S.-based Wynn Resorts is the parent of Macau casino operator, Wynn Macau Ltd. For Mr Billings, the September 17 transaction involved the right to purchase an aggregate of 12,763 shares of Wynn Resorts, at an exercise price of US$82.96 per share. The CEO’s 4,228 options granted in lieu of a portion of his original 2026 salary, will vest on December 15 this year. A further 8,535 options granted in lieu of part of his 2027 base salary, will vest on July 31, 2027. For Mr Fullalove, the transaction – also on September 17 – involved the right to purchase an aggregate of 5,105 shares of Wynn Resorts, at an exercise price of US$82.96 per share. For the Wynn Resorts CFO, 1,691 options granted in lieu of part of his original 2026 base salary will vest on December 15 this year. A further 3,414 options granted in lieu of part of his 2027 base salary will vest on July 31, 2027. Year-to-date, the closing price of Wynn Resorts’ stock saw a high point of US$122.57 per share on January 2. The closing price on Monday (September 21), was US$83.32 per share. The group is a 40 percent equity investor in Wynn Al Marjan Island, a US$5.7-billion casino-resort venture with local partners, in Ras Al Khaimah in the United Arab Emirates. The property is due to launch in September 2027. The Macau unit expects to start construction of an up to US$950-million, 432-suite Enclave at Wynn Palace hotel tower at its Wynn Palace site in Cotai, before the end of this year.