
Wynn Resort execs cash out million$
By JOSH RESNEK
It is rarely a good sign of things to come when the top executives of a major company are selling off multi-million dollars’ worth of their stock.
Wynn CEO Matt Maddox sold 59,000 shares within the last two weeks.
He received approximately $6.3 million when the transaction settled.
Vice-President Elaine Whittemore has sold hundreds thousands of dollars of her stock recently, as well in a number of transactions recorded with the Securities and Exchange Commission.
In both cases, the executives sold stock they were given by the company in lieu of salary because of the consequences the epidemic has caused for the worldwide gaming giant founded by Steve Wynn.
Maddox still owns 394,549 shares of Wynn stock.
He was paid a total of $18 million in cash and equities by Wynn Resorts in 2018.
In fact, the sale of the Maddox shares is not believed to be a lack of confidence in the company, but rather, his effort to compensate himself for salary he did not receive during the year.