Wynn board foregoes salaries to pay employees

Wynn Resorts, the major US casino operator, has secured a voluntary reduction in salaries, ranging between 33 and 100 per cent, from its board of directors for the remainder of the year in exchange for Wynn stock.

The move is a response to the pandemic and has been led by CEO Matt Maddox, who is foregoing all of his salary. The cash savings will be used to offset ongoing employee payroll and other expenses.

The company announced last week that it would pay all of its employees, including their average tips, after it closed its resorts in Boston and Las Vegas.