Connect with us

Hi, what are you looking for?

Jewish Business News


Steve Wynn Takes 34% Pay Cut

Steve Wynn

Steve Wynn is taking a pay cut of 37% as reported in a filing with the Securities and Exchange Commission. Wynn Resorts and Las Vegas Sands, which have many assets in Macau, have faced problems with China’s crackdown on gambling because of excess and the corruption. In addition, the Chinese economy is in a slowdown which is severely impacting the casino business in Macau.

Steve Wynn’s salary was cut from $4 million annually to $2.5 million, but his position as CEO was extended another 2 years until October 24, 2022. He has to reimburse the company for certain expenses, including use of the private aircraft, although he still gets $250, 000 credit each year he can use to offset his reimbursement obligations.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

Forbes listed Steve Wynn last year as one of the wealthiest people in Nevada, with a net worth of $3.5 billion. Despite problems in Macau, Wynn plans to open another casino there, as well as one close to Boston. Shares of peer Las Vegas Sands  were trading in the $70 range early in 2014 but ended up in the $40-$50 range. Wynn resorts shares had a similar decline, falling from $249 at the beginning of 2014 to $150 per share. However, only one factor has to clear up before shares rebound; perhaps if China ends its crackdown on casinos or if the economy perks up slightly, shares will snap back.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Copyright © 2021 Jewish Business News