The group chief executive and two senior Macau-based executives of U.S. casino firm Wynn Resorts Ltd have voluntarily reduced the cash amount of their base salary for the remainder of 2022, in exchange for upping their long position in the firm via either share options or restricted shares, according to transaction disclosure records filed with the Hong Kong bourse.
Wynn Resorts Ltd is the parent of Macau gaming operator Wynn Macau Ltd. The latter is traded on the Hong Kong Stock Exchange.
According to the disclosure records, Linda Chen – president of Wynn International Marketing Ltd – had on May 11 voluntarily reduced the cash amount of her base salary for the remainder of this year “by 100 percent” in exchange for a restricted stock grant of 19,101 shares. The exercise has resulted in her long position in Wynn Resorts being upped from the original 0.25 percent to 0.26 percent.
Ian Coughlan – president and executive director of Wynn Macau Ltd – had on the same date and time, voluntarily reduced the cash amount of his base salary for the eight months from May 1 to December 31 by “50 percent”, in exchange for a restricted stock grant of 9,913 shares. The exercise resulted in his long position in Wynn Resorts being upped from the original 0.17 percent to 0.18 percent.
Craig Billings – director and chief executive of Wynn Resorts – has also on that date and time, voluntarily reduced the cash amount of his base salary for the remainder of this year by “35 percent” in exchange for a grant of an equivalent value of options to acquire Wynn Resorts’ common stock. The exercise has resulted in his long position in Wynn Resorts being upped from the original 0.19 percent to 0.21 percent.
The three senior Wynn group executives will see the vesting of their stock grants in full on December 31 this year. Should they leave their employment prior to that date, the stock grant will vest on a pro-rata basis relative to exit date, the disclosure documents noted.
All three individuals are also Wynn Macau Ltd board members. Ms Chen is vice chairman, chief operating officer, and executive director of the Macau unit; Mr Coughlan is president and executive director of Wynn Macau Ltd, and Mr Billings is the chief executive officer and executive director of the Macau firm.
