Top executives at Wynn Resorts (WYNN) - Get Report, including CEO Matt Maddox, will forego between 33% and 100% of their salaries for the rest of the year to offset the impact of expense cuts at the casino company during the coronavirus pandemic.
Maddox will forego 100% of his salary in 2020 in exchange for shares of company stock.
Maddox, according to regulatory filings, made $1.9 million in 2018.
"As part of its strategic plan to navigate through the financial downturn caused by the Covid-19 pandemic, the board of directors and top executives at Wynn Resorts have agreed to forego between 33% and 100% of their salary for the remainder of 2020 in exchange for shares of Wynn stock," the company said in a statement.
"The cash savings arising from the executive salary reductions will be used to offset ongoing employee payroll and other expenses," Wynn Resorts said.
Last week Wyn Resorts said it would pay all of its employees for 30 days, including their average tips, after it closed Encore Boston Harbor and Wynn and Encore Las Vegas to "help reduce community spread of the virus."
Shares of Wynn Resorts were rising more than 14% in premarket trading Wednesday to $76. The stock closed Tuesday at $66.56, up 15.62%, as beaten-down stocks like casinos and hotels rallied.
Earlier this week, analyst Joe Greff of J.P. Morgan said Wynn Resorts shares were undervalued and that the company’s strong liquidity position would allow it to endure through the coronavirus pandemic for at least 17 months.