Hong Kong-listed casino operator Wynn Macau (1128) has introduced a voluntary scheme asking its management-level staff to take 10% of their monthly base salary in the form of company stock, according to an internal memorandum recently sent to employees.
According to the memo seen by Allin Media, employees who choose to participate in this voluntary stock-for-salary scheme will have 10 percent of their monthly base salary exchanged for a grant of Wynn Macau shares. Such grant would vest in full on January 3, 2023, the first business day after 31 December 2022.
If participating employees leave their employment before 31 December 2022, the stock grant will vest on a pro-rata basis relative to their exit date.
Wynn Macau’s stock price was down about 3 percent on Tuesday (24 May) prior to the close of trading, at HK$4.2. At the time of the drafting of the memo, the firm’s stock price stood at HK$4.57 per share on 11 May.
The gaming firm’s quarterly loss widened to US$188.5 million in the three months to March 31, compared to a loss amounting to US$161.2 million in the previous quarter.
Earlier this month, two senior executives of Wynn Resorts, and the parent’s group chief executive, had voluntarily taken a pay cut for the remainder of 2022, in return for upping their long position in the firm via either share options or restricted shares.