Two top executives of Wynn Resorts Ltd. had their contracts extended and were given raises, new bonus compensation targets and stock options by the company’s board of directors.
In a Friday filing with the Securities and Exchange Commission, the Las Vegas-based resort company reported that CEO Craig Billings will see his annual base salary rise from $1.8 million to $2 million a year, an 11.1 percent increase. He’ll also receive an increase to his annual target bonus from no less than 200 percent to no more than 250 percent of his annual base salary.
In addition, Billings will receive an increase in the target value of his annual equity grant of restricted stock from 375 percent to 410 percent of his annual base salary.
The company also announced in the filing that Chief Financial Officer Julie Cameron-Doe, who was licensed in Nevada in April, will see her annual salary rise from an annual base of $900,000 to $950,000, a 5.5 percent increase. She will also receive an increase in the target value of her annual equity grant of restricted stock from 150 percent to 175 percent of her annual base salary, and an extension of her eligibility to participate in the senior executive health program.
The amended contracts, effective June 1, extend Billings’ term to June 1, 2027, and Cameron-Doe’s to June 1, 2026.
Billings has been with Wynn for about 6½ years and has been CEO since Feb. 1, 2022. He was president and chief financial officer before taking over for Matt Maddox, who left the company in January 2022.
Billings has guided the company toward three important projects. Wynn’s Encore Boston Harbor is on the verge of expanding operations with a new facility near the resort. According to documents filed with the Massachusetts Gaming Commission, the addition will include 20,000 square feet of restaurant space, an additional sports wagering facility, a dedicated poker room, a live entertainment venue and nightclub, a 2,200-space parking garage and a 400-foot elevated pedestrian bridge connecting the new facility with the existing casino.
In April, the company unveiled the design of its Wynn Al Marjan Island resort at Ras Al Khaimah in the United Arab Emirates, a $3.9 billion beachside resort scheduled to open in 2027.
The company also is in the running for a New York gaming license with partner Related Cos. for a 1,500-room casino resort on the Hudson River on Manhattan’s west side.