Wynn Resorts To Cut Executive Salaries On Coronavirus Fears

By Zacks Investment ResearchStock MarketsMar 24, 2020 09:07PM ET

www.investing.com/analysis/wynn-resorts-to-cut-executive-salaries-on-coronavirus-fears-200518873

Wynn Resorts To Cut Executive Salaries On Coronavirus Fears

By Zacks Investment Research | Mar 24, 2020 09:07PM ET

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Wynn Resorts, Limited’s (NASDAQ:WYNN) board of directors and top executives have decided to forego between 33% and 100% of their salaries in the light of the coronavirus-induced economic downturn. Matt Maddox, CEO, has agreed to give up 100% of his salary in exchange for shares for the rest of 2020.

These savings will be utilized to compensate ongoing employee payroll and other expenses. Despite the closure of its resorts in Boston and Las Vegas, the company has already announced that it will pay all of its employees, which also include their average tips.

Owing to the ongoing coronavirus pandemic, the shares of this Zacks Rank #5 (Strong Sell) have fallen 39.9%, compared with the industry’s decline of 44%. Other stocks like MGM Resorts International (NYSE:MGM) , Melco Resorts & Entertainment Limited (NASDAQ:MLCO) and Century Casinos, Inc. (NASDAQ:CNTY) have tanked 54.4%, 24.3% and 64.8%, respectively, in the past month.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Coronavirus Impact on Gambling Industry

The coronavirus outbreak has been impacting the Casino gross gaming revenue (GGR) in Macau. In February, gaming revenues from Macau decreased 87.8% to 3.1 billion patacas ($387 million). Notably, the casino operators in Macau were already grappling with a slowdown in China and the trade war between Beijing and Washington, the coronavirus outbreak has only aggravated the woes.

In Macau, casinos were shutdown beginning Feb 5 owing to the coronavirus-induced crisis. Although, casinos were reopened on Feb 20, travel restriction and limited number of tables at casinos continues to hurt the industry. Moreover, with the coronavirus becoming a pandemic, the impact has become visible across the world.

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MGM Resorts International (MGM): Free Stock Analysis Report

Wynn Resorts, Limited (WYNN): Free Stock Analysis Report

Century Casinos, Inc. (CNTY): Free Stock Analysis Report

Melco Resorts & Entertainment Limited (MLCO): Free Stock Analysis Report

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Wynn Resorts To Cut Executive Salaries On Coronavirus Fears

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