Updated March 24, 2020 - 3:00 pm
Top executives of Wynn Resorts Ltd. are forgoing between 33 percent and 100 percent of their salaries to offset ongoing employee payroll and other expenses.
The company announced Tuesday the executives will forgo the portions of their salaries in exchange for shares of company stock.
Wynn CEO Matt Maddox confirmed that he’d give up the remainder of his 2020 salary so that the company can navigate the financial downturn resulting from the COVID-19 pandemic.
A Securities and Exchange Commission filing listed Maddox’s 2018 salary at $1.9 million.
The company announced last week it would pay all of its employees for 30 days, including their average tips, after it closed Encore Boston Harbor and Wynn and Encore Las Vegas to help reduce community spread of the virus.
Earlier in the month, Wynn was the first company to announce it was voluntarily closing its properties after first saying it would close its nightclub, dayclub, theaters and the casino’s sportsbook and poker room.