Wynn Resorts shareholders have agreed to renew the contract with its CEO, Steve Wynn, offering him a two-year extension, less money and US$250,000 to use in personal expenses with the company’s aircraft.
In a filing lodged with the New York Stock Exchange, where the parent company of Wynn Macau is listed, Wynn Resorts says it has made its seventh amendment to Steve Wynn’s contract, prolonging it for two more years until October 24, 2022. The new agreement will mean less base salary for the gaming tycoon, which will be reduced to US$2.5 million per year from the previous US$4million,meaning a 37.5 per cent cut. That’s US$1.5 million less every year or US$125,000 each month.
Other terms of the new contract stipulate the end of the current aircraft time-sharing agreement between the company and Mr. Wynn, an agreement that dates from 2002. Starting this year, the Wynn CEO will have to reimburse some expenses for any of his personal use of the company’s aircraft. But, the compensation committee of Wynn Resorts ‘approved a $250,000 credit per calendar year that Mr. Wynn may use to offset his reimbursement obligations, starting with the 2015 calendar year’.




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