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Wynn Resorts to redistribute stock from CEO to managers on the frontlines

Virus Outbreak Nevada
Posted at 10:49 AM, Aug 20, 2020

LAS VEGAS (KTNV) — Wynn Resorts says it is giving leadership employees in Las Vegas and Boston stock grants for the way they've handled the disruption to business caused by the pandemic.

In an email to 13 Action News, the company said CEO Matt Maddox decided to voluntarily give up a grant and redistribute the shares to front-line leadership. The company did not specify how many employees would be impacted by the move.

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An 8-K form distributed by the company shows Maddox was awarded 24,501 restricted shares.

A letter signed by Maddox to employees who will receive stock said in part, "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 the owner of the Company," the letter continued.

Read the full letter below: