Effort to enhance espirit de corps, job performance, profitability at casinos
By JOSH RESNEK
Wynn CEO Matt Maddox, who inherited his post from his teacher and main benefactor company founder Steve Wynn, is showing leadership in giving up his stock bene- fits and instead sharing them with the company’s 240 top leaders, it was announced by Wynn Resorts.
A filing with the Securities and Exchange Commission reported by Gambling News, reveals the company is setting up a share grant and is using it to stimulate its top leaders in Las Vegas and Boston with 176,247 shares distributed to about 240 members of the staff – key members, including executive officers.
“In recognition of the challenges we are facing and how much the Company needs you to stay focused and motivate your team, I’ve asked our Board of Directors to approve a stock grant that will vest and become your stock this time next year. I want you to be an owner of the Company. It is your dedication that will allow our culture and values to prevail. I know you will stay strong and lead,” Maddox said in a letter sent to all key employees.
In the letter, Wynn’s CEO outlined his strong belief that the second half of 2021 would bring the expected rebound for the company and would allow the return of pre-closure levels of convention bookings, nightclub and theatre visitations, as well as hotel high occupancy rates. But until then, everyone in the company would have to stick to its culture and brand.
The effort is part of the company wide imperative that has been placed on managing expenses and using expertise to ensure profitability during the virus downturn.