Casino mogul Steve Wynn is taking a salary cut from the company that bears his name, according to a financial filing.
Wynn Resorts disclosed in a filing with the Securities and Exchange Commission Tuesday that Wynn’s base salary has been reduced from $4 million per year to $2.5 million.
Wynn Resorts spokesman Michael Weaver said in a statement that the company has “made significant changes to its executive compensation practices” to emphasize linking pay to performance. For Wynn, this means that part of his total compensation now includes a “performance-based equity component.”
“This marks the first time Mr. Wynn has received equity as part of his compensation and now places a greater proportion of his overall compensation attributable to components that drive stockholder value versus fixed base salary,” Weaver said in the statement.
The filing also says that the term of the employment agreement for Wynn, who is the CEO of Wynn Resorts, was extended through Oct. 24, 2022. That’s a two-year extension.
And he now has to reimburse the company “for certain expenses” for personal use of the company aircraft, although he gets a $250,000 credit each year that he can use “to offset his reimbursement obligations,” according to the filing.
Last year’s Forbes 400 put the net worth of Wynn, one of the richest people in Nevada, at $3.5 billion.
Wynn Resorts operates the Wynn and Encore casinos on the Strip and a property in Macau. The company has plans to open another property in Macau as well as one in Massachusetts near Boston.