WYNN RESORTS, LIMITED
CODE OF BUSINESS CONDUCT AND ETHICS
(Ratified as of February 22, 2013)
All of us at Wynn Resorts are focused on our commitment to providing an elegant environment, high-quality amenities, a superior level of service and distinctive attractions for our customers. However, our ability to conduct our business and sustain the respect of the investment community and the people who regulate our industry rests first and foremost on our commitment to integrity.
What follows in this booklet is the Code of Business Conduct and Ethics of Wynn Resorts, Limited, as approved by our Board of Directors. The purposes of the Code are not only to comply with federal securities laws and the marketplace rules of The Nasdaq Global Select Market, but also to reinforce and enhance the Company's commitment to an ethical way of doing business.
We live in an age where legal and ethical missteps of others have resulted in the law imposing special duties on our personal and business lives. In the midst of this unfortunate environment, the good name and reputation of Wynn Resorts are a result of the dedication and hard work of all of us. Together, we are responsible for preserving and strengthening this reputation. Our goal is not just to comply with the laws, rules and regulations that apply to our business; we also continuously strive to abide by high standards of ethical business conduct.
This booklet is not to be ignored or taken lightly. All employees, officers and directors of Wynn Resorts and its subsidiaries must comply with the Code. Please read the Code carefully and make sure that you understand it, the consequences of non-compliance, and the Code's importance to the success of the Company. Your signature on the acknowledgement form at the conclusion of the Code certifies that you have read, understood and complied with its contents.
The Code cannot and is not intended to cover every applicable law, or provide answers to all questions that might arise; for that we must ultimately rely on each person's good sense of what is right, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct. If you have questions, speak to your supervisor, the Compliance Officer or any of the other resources identified in the Code.
Warmest personal regards,
Chief Executive Officer
1. PUTTING THE CODE OF BUSINESS CONDUCT AND ETHICS TO WORK
1.1 About the Code
Our business depends on the reputation of all of us for integrity and principled business conduct. The purpose of this Code of Business Conduct and Ethics (the "Code") is to reinforce and enhance the Company's commitment to an ethical way of doing business. The Code applies to all employees, officers and directors of the Company and its subsidiaries. This Code also applies to certain independent contractors and consultants who work at the Company’s facilities or on the Company’s behalf, in which case those persons will be notified and provided a copy of this Code. The policies set forth here are the basis for Wynn Resorts to continue a tradition of high ethical business standards. The Company has additional policies that supplement the policies in this Code. These policies are set forth in the policy guide applicable to your particular operating subsidiary, which is available on the Company's Intranet on the Wire.
The Code is a statement of policies for the individual and business conduct of the Company's employees and directors and does not, in any way, constitute an employment contract or an assurance of continued employment. Your rights as an employee and the Company's rights as an employer are governed by the laws of the country of employment, the work rules of your employing unit and your individual written employment contract, if any.
1.2 Meeting Our Shared Obligations
Each of us is responsible for knowing and understanding the policies and guidelines contained in the following pages. If you have questions, ask them; if you have ethical concerns, raise them. The Compliance Officer is responsible for overseeing and monitoring compliance with this Code. The Compliance Officer and the other resources identified in this Code are available to answer your questions and provide guidance and for you to report suspected misconduct. Our conduct should reflect the Company's values, demonstrate ethical leadership, and promote a work environment that upholds the Company's reputation for integrity, ethical conduct and trust.
1.3 Seeking Guidance
This Code cannot provide definitive answers to all questions. Unless a particular provision of the Code directs otherwise, if you have questions regarding any of the policies discussed in this Code or if you are in doubt about the best course of action in a particular situation, you should seek guidance from your supervisor, the Compliance Officer or the Legal Department.
Compliance Officer and Wynn Las Vegas
Kevin J. Tourek
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
Rua Cidade de Sintra, NAPE
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
1.4 Reporting Violations
If you know of or suspect a violation of applicable laws, rules or regulations, the Code, or the Company's related policies, you must immediately report that information to your supervisor or the Compliance Officer. Violations of this Code may result in disciplinary action, up to and including discharge.
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
Alternatively, if an accounting, internal accounting controls, auditing matter or a securities law is involved, you have the option of reporting the matter to the Legal Department or to In Touch, a service that will transcribe the reports and send them directly to the Audit Committee of the Board of Directors. Executive officers and directors also may report known or suspected violations directly to the Audit Committee.
You can make a report anonymously through In Touch, although you are encouraged to provide your name to facilitate investigation and follow-up.
All reports of potential misconduct will be treated confidentially to the extent reasonably possible. No one will be subject to retaliation or adverse employment action because of a good faith report of suspected misconduct or for assisting in the investigation of suspected misconduct.
2. RESPONSIBILITY TO OUR ORGANIZATION
2.1 Compliance With Laws, Rules And Regulations
You are required to comply with the laws, rules and regulations that govern the conduct of our business. No one is expected to know the details of all applicable laws, but you should be knowledgeable about specific laws, rules and regulations that apply to your areas of responsibility. If you have questions about the applicability or meaning of a law, rule or regulation, or if you have any questions regarding whether particular conduct is proper, you should consult the Legal Department.
The Company operates in more than one country and interacts with many different cultures. What is appropriate in some parts of the world may be entirely inappropriate or even unlawful in others. You should always abide by the laws, rules and regulations of the country in which you are conducting business, the federal law of the United States of America and applicable laws of the State of Nevada and the Macau Special Administrative Region. You should also abide by generally accepted business practices of the countries in which you are conducting business, unless they conflict with any of the foregoing laws, rules and regulations, in which case you are to abide by the law. If there is a conflict between local laws and this Code or any other law applicable to the conduct of the Company's business, you should consult with the Legal Department before taking any action.
2.2 Promoting a Diverse and Productive Workforce
The Company is an equal opportunity employer committed to complying with all state and federal fair employment practice laws, as well as maintaining a workforce that reflects the diversity of the community. The Company believes in and supports equal opportunity in employment to all persons regardless of race, color, national origin, sex, sexual orientation or perceived sexual orientation, age, religion, veteran status, disability, history of disability or perceived disability. Harassment or discrimination of any sort will not be tolerated.
3. CONFLICTS OF INTEREST
Company employees and directors are expected to dedicate their best efforts to advancing the Company's interests and to make decisions that affect the Company based on the Company's best interests, independent of outside influences.
A conflict of interest occurs when your own interests (including the interests of a family member or an organization with which you have a significant relationship) interfere, or even appear to interfere, with the interests of the Company. A conflict situation can arise when you take actions, have interests or are offered benefits that make it difficult for you to perform your Company work objectively and effectively. Moreover, even the appearance of a conflict of interest can create problems, regardless of the propriety of your behavior.
Your obligation to conduct the Company's business in an honest and ethical manner includes the ethical handling of actual, apparent and potential conflicts of interest between the Company's business and your personal and business relationships. This includes full disclosure of any actual, apparent or potential conflicts of interest as set forth below. Many actual, apparent or potential conflicts of interest can be resolved or avoided if they are appropriately disclosed and approved. In some instances, disclosure may not be sufficient and the Company may require that the conduct in question be stopped or that actions taken be reversed where possible.
Although we cannot list every conceivable conflict, what follows are some common examples of actual, apparent and potential conflicts of interest, and the persons to whom employees should make disclosures. You may not engage in any conduct that creates an actual or apparent conflict of interest, including those situations described below, unless you first disclose all the relevant facts to the Compliance Officer and the Company, in its sole discretion, determines to approve the situation. Any such approval must be obtained in writing. If you are involved in a conflict situation that is not described below, you should discuss your particular situation with the Compliance Officer.
Special rules apply to actual, apparent or potential conflict of interests involving executive officers and directors. Specifically, before engaging in any conduct that may involve such a conflict, executive officers and directors must make full disclosure of all facts and circumstances to the general counsel who will inform and seek the approval of the Audit Committee of the Board of Directors.
3.1 Improper Personal Benefits from the Company
Conflicts of interest arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position in the Company. You may not accept any benefits from the Company, including any Company loans or guarantees of your personal obligations, that have not been duly authorized and approved pursuant to Company policies and procedures, including without limitation the Company's Corporate Aircraft Policy and the Company's Personal Loan Policy. Consistent with applicable law and the Company's Personal Loan Policy, the Company will not make any personal loans to, nor guarantee the personal obligations of, directors or officers. Please refer to the Company's Personal Loan Policy for more details.
3.2 Financial Interests in Other Businesses
You may not own a significant interest in any company that competes with the Company. You may not own a significant interest in a company that does business with the Company (such as a Company tenant or supplier) without the prior written approval of the Compliance Officer. However, it is not typically considered a conflict of interest (and therefore, approval is not required) if the entity is a publicly traded company and you and your family members’ only relationship with any such entity is to have an interest of less than 2% of the outstanding shares of the company.
3.3 Business Arrangements with the Company
You may not participate in a joint venture, partnership or other business arrangement with the Company.
3.4 Outside Employment or Activities With a Competitor
Simultaneous employment with or serving as a director of a competitor of the Company is prohibited, as is any activity that is intended to or that you should reasonably expect to advance a competitor's interests. You may not market products or services in competition with the Company's current or potential business activities. It is your responsibility to consult with the Compliance Officer to determine whether a planned activity will compete with any of the Company's business activities before you pursue the activity in question.
3.5 Outside Employment With a Guest, Patron, Visitor, Tenant or Supplier
You may not be employed by, serve as a director of or represent any supplier, joint venture partner or tenant of the Company. Similarly, you may not be or be employed by, serve as a director of, or represent, a supplier to the Company. In addition, you may not accept money or benefits of any kind as compensation or payment for any advice or services that you may provide to a guest, patron, visitor, tenant or supplier or anyone else in connection with its business with the Company, other than gratuities or tips received in accordance with generally accepted business practices for the industry.
3.6 Charitable, Government and Other Outside Activities
The Company encourages all employees to participate in projects and causes that further the welfare of our local communities. However, you must obtain the prior written approval of the Compliance Officer before serving as a director or trustee of any charitable, not-for-profit, for-profit, or other entity or before running for election or seeking appointment to any government-related position.
3.7 Family Members Working In The Industry
You may find yourself in a situation where your spouse or significant other, your children, parents, or in-laws, or someone else with whom you have a close familial relationship is a competitor, supplier, or tenant of the Company or is employed by one. Such situations are not prohibited, but they call for extra sensitivity to security, confidentiality and potential conflicts of interest.
There are several factors to consider in assessing such a situation. Among them: the relationship between the Company and the other company; the nature of your responsibilities as a Company employee and those of the other person; and the access each of you has to your respective employer's confidential information. Such a situation, however harmless it may appear to you, could arouse suspicions among your colleagues that might affect your working relationships.
To remove any such doubts or suspicions, you must disclose your specific situation to the Compliance Officer to assess the nature and extent of any concern and how it can be resolved. In some instances, any risk to the Company's interests is sufficiently remote that the Compliance Officer may only remind you to guard against inadvertently disclosing Company confidential information and not to be involved in decisions on behalf of the Company that involve the other company.
3.8 Corporate Opportunities
Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. If an employee or director learns of a business or investment opportunity through the use of corporate property or information or his or her position at the Company, such as from a competitor or actual or potential customer, supplier or business associate of the Company, he or she may not personally participate in the opportunity or make the investment without the prior written approval of the Compliance Officer. Executive officers and directors must obtain the prior approval of the Audit Committee of the Board of Directors. Such an opportunity should be considered a business or investment opportunity for the Company in the first instance. You may not use corporate property or information or your position at the Company for improper personal gain, and you may not compete with the Company.
4.0 ENTERTAINMENT, GIFTS AND GRATUITIES
4.1 Receipt of Gifts and Entertainment
Accepting gifts from an outside organization or individual or another employee is prohibited. All employees and directors are prohibited from accepting gifts valued at more than $250 (including below market purchases of goods and services). Gifts worth more than $250 should be returned with the explanation that Company policy prohibits the acceptance of substantial gifts. Gifts considered customary, reasonable and valued at less than $250 may be accepted. However, even nominal gifts should not be accepted if the potential for a conflict of interest or personal obligation exists.
This policy does not prohibit tip category employees from accepting gratuities received during the performance of their regular job duties.
4.2 Offering Gifts and Entertainment
When you are providing a gift, entertainment or other accommodation in connection with Company business, you must do so in a manner that is in good taste and without excessive expense. Except for complimentary goods and services customarily provided to customers in the ordinary course of the Company's business, you may not furnish or offer to furnish any gift that is of more than token value or that goes beyond the common courtesies associated with accepted business practices. You should follow the above guidelines for receiving gifts in determining when it is appropriate to give gifts.
- Our suppliers and tenants likely have gift and entertainment policies of their own. You must be careful never to provide a gift or entertainment that you know violates the other company's gift and entertainment policy. Special rules apply in the context of dealing with government officials and employees. See "Interacting with Government—Prohibition on Gifts to Government Officials and Employees" below.
Giving or receiving any payment or gift in the nature of a bribe or kickback is absolutely prohibited.
5. PROTECTION AND PROPER USE OF COMPANY ASSETS AND INFORMATION
We each have a duty to protect the Company's assets and promote their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability. We should take measures to prevent damage to and theft or misuse of Company property. When you leave the Company, all Company property must be returned to the Company. Except as specifically authorized, Company assets, including Company time, equipment, materials, resources and proprietary information, must be used for business purposes only. Incidental personal use of equipment such as telephones and office supplies is permitted.
5.1 Computer, Internet, Intranet, E-mail Use
The Company provides access to computers, the internet, the Company’s intranet, e-mail and other electronic communication and data storage devices (“Computer Systems”) to assist employees in performing their job duties. Employees should not consider their use of the Computer Systems provided by the Company to be subject to personal privacy. All such use can and will be monitored and controlled by the Company. All employees authorized to use the Computer Systems must take care to safeguard all login and password information to protect the integrity of the Computer Systems. Additionally, employees must use the Computer Systems as intended and maintain the confidentiality of all proprietary information.
Please refer to the policy guide applicable to your particular operating subsidiary for more details.
5.2 Protection of Intellectual Property
The Company, and its affiliates, own multiple copyrights, trademarks, service marks, domain names and other forms of intellectual property (“Intellectual Property”). The Intellectual Property must not be used or reproduced without the consent of the Company and for authorized use in connection with the Company’s business. Every effort must be undertaken to protect the Intellectual Property from illegal copying or misuse. If you have any questions regarding the use or protection of Intellectual Property, please call the Legal Department.
5.3 Insider Trading
You are prohibited by the Company's Insider Trading Policy and the law from buying or selling securities of any company at a time when you are in possession of "material non-public information" about that company. This conduct is known as "insider trading." The prohibition on insider trading applies to Company securities and to securities of other companies if you learn material non-public information about other companies, such as the Company's suppliers or tenants, in the course of your duties for the Company. Communicating material non-public information about a company to someone who may buy or sell the company's securities - known as "tipping" - is also illegal. Federal and international law enforcement officials have sophisticated techniques for identifying insider trading and tipping and vigorously enforce these laws regardless of where the activity occurs or the amount involved.
Information is "material" if (a) there is a substantial likelihood that a reasonable investor would find the information "important" in determining whether to trade in a security; or (b) the information, if made public, likely would affect the market price of a company's securities.
Information is considered to be “non-public” unless it has been adequately disclosed to the public, which means that the information must be publicly disclosed, and adequate time (generally at least a full trading day) must have passed for the securities markets to digest the information.
Insider trading is a crime punishable by civil penalties of up to three times the profit gained or losses avoided on a transaction, criminal fines of up to $5 million, and up to 20 years in prison. Companies may also face civil penalties, up to the greater of $1 million or three times the profit gained or losses avoided, for insider trading violations by their employees and other agents. "Tipping" can result in the same civil and criminal penalties that apply if an individual engages in insider trading directly, even if the individual does not receive any money or derive any benefit from trades made by others to whom the individual passed material non-public information.
5.4 Record Retention
In the course of its business, the Company produces and receives large numbers of records. Numerous laws require the retention of certain Company records for various periods of time. The Company is committed to compliance with all applicable laws, rules and regulations relating to the preservation of records. The Company's policy is to identify, maintain, safeguard, sort and either destroy or retain all records in the Company's possession on a systematic and regular basis. Under no circumstances are Company records to be destroyed selectively or to be maintained outside Company premises or designated storage facilities, except in those instances where Company records may be temporarily brought home by employees working from home in accordance with approvals from their supervisors.
If you learn of a subpoena or a pending or contemplated litigation or government investigation, you should immediately contact the Legal Department. You must retain and preserve ALL records that may be responsive to the subpoena or relevant to the litigation or that may pertain to the investigation until you are advised by the Legal Department as to how to proceed. You must also affirmatively preserve from destruction all relevant records that without intervention would automatically be destroyed or erased (such as e-mails and voicemail messages). Destruction of such records, even if inadvertent, could seriously prejudice the Company. If you have any questions regarding whether a particular record pertains to a pending or contemplated investigation or litigation or may be responsive to a subpoena or regarding how to preserve particular types of records, you should preserve the records in question and ask the Legal Department for advice.
5.5 Company Books and Records
It is Company policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws, rules and regulations in all reports and documents that the Company files with, or submits to, the Securities and Exchange Commission and all other governmental, quasi-governmental and self-regulatory bodies and in all other public communications made by the Company. You are required to abide by Company standards, policies and procedures designed to promote compliance with this policy.
You must complete all Company documents accurately, truthfully, and in a timely manner, including all travel and expense reports. When applicable, documents must be properly authorized. You must record the Company's financial activities in compliance with all applicable laws and accounting practices. The making of false or misleading entries, records or documentation is strictly prohibited. You must never create a false or misleading report or make a payment or establish an account on behalf of the Company with the understanding that any part of the payment or account is to be used for a purpose other than as described by the supporting documents.
5.6 Responding to Inquiries from the Press and Others
Company employees who are not officially designated Company spokespersons may not speak with the press, securities analysts, other members of the financial community, stockholders or groups or organizations as a Company representative or about company business unless specifically authorized to do so by the vice president of investor relations or the public relations department. Requests for financial or other information about the company from the media, the press, the financial community, stockholders or the public should be referred to the vice president of investor relations or the public relations department. Requests for information from regulators or the government should be referred to the legal department.
6. INTERACTING WITH GOVERNMENT
6.1 Prohibition on Gifts to Government Officials and Employees
Different governments have different laws restricting gifts, including meals, entertainment, transportation and lodging, that may be provided to government officials and government employees. You are prohibited from providing gifts, meals or anything of value to government officials or employees or members of their families in connection with Company business without prior written approval from the Compliance Officer.
6.2 Political Contributions and Activities
Laws of certain jurisdictions prohibit the use of Company funds, assets, services, or facilities on behalf of a political party or candidate. Political contributions (including direct or indirect payments of corporate funds to any political party, candidate or campaign, contributions by political action committees funded by employee donations, contributions to social welfare and political organizations, and trade association dues) may be made only if permitted under applicable law and approved in writing and in advance by the Compliance Officer or Chief Executive Officer. Affiliates of the Company have filed applications for gaming licenses in both the Commonwealth of Pennsylvania and the Commonwealth of Massachusetts. Both Pennsylvania and Massachusetts law prohibits the Company, its affiliates, its officers, directors and key employees, from making political contributions (cash or in kind), direct and indirect, to candidates, political parties, political party committees or other groups, committees or associations, including PACs for any candidate for public office in either Pennsylvania or Massachusetts. Any proposed political contributions relating to Pennsylvania or Massachusetts candidates, parties or organizations must be cleared in advance by the General Counsel.
Your work time may be considered the equivalent of a contribution by the Company. Therefore, unless required by applicable law, you will not be paid by the Company for any time spent running for public office, serving as an elected official, or campaigning for a political candidate. Nor will the Company compensate or reimburse you, in any form, for a political contribution that you intend to make or have made.
6.3 Prohibition on Bribery of Government Officials
The Company's Policy Regarding Payments to Foreign Officials, the U.S. Foreign Corrupt Practices Act (the "FCPA"), and the laws of many other countries prohibit the Company and its officers, employees and agents or other third parties from giving or offering to give money or anything of value, directly or through an intermediary, to a foreign official, employees of a state-owned company, a foreign political party, a party official or a candidate for political office in order to attempt to influence official acts or decisions of that person or entity, to obtain or retain business, or to secure any improper advantage.
Please refer to the Company's Policy Regarding Payments to Foreign Officials for more details regarding prohibited payments to foreign government officials.
7. IMPLEMENTATION OF THE CODE
While each of us is individually responsible for putting the Code to work, we need not go it alone. The Company has a number of resources, people and processes in place to answer our questions and guide us through difficult decisions. Copies of this Code are available from the Compliance Officer and on the Company's website. This Code will be distributed annually to all employees, directors and other individuals to whom it applies who will be asked to certify that they have read and understand the Code and that they have complied and will comply with its terms. If you know of or suspect a violation of applicable laws, rules or regulations, the Code, or the Company's related policies, you must immediately report that information as described in Section 1.4 of this Code.
7.2 Investigations of Suspected Violations
All reported violations of the Code will be taken seriously and promptly investigated. All reports will be treated confidentially to the extent reasonably possible. It is the Company’s policy that no one will be subject to retaliation or adverse employment action because of a good faith report of suspected misconduct or for assisting in the investigation of suspected misconduct. It is imperative that reporting persons not conduct their own preliminary investigations. Investigations of alleged violations may involve complex legal issues, and acting on your own may compromise the integrity of an investigation and adversely affect both you and the Company.
7.3 Discipline for Violations
The Company intends to use every reasonable effort to prevent the occurrence of conduct not in compliance with the Code and to halt any such conduct that may occur as soon as reasonably possible after its discovery. Subject to applicable law and agreements, Company personnel who violate this Code and other Company policies and procedures may be subject to disciplinary action, up to and including discharge.
7.4 Waivers of the Code
The Company may waive application of the policies set forth in this Code but only when the Company determines in its sole discretion that circumstances warrant granting a waiver. Any waivers must be obtained in writing from the Compliance Officer or the Legal Department. Waivers of the Code for directors and executive officers may be made only by the Board of Directors as a whole or the Audit Committee of the Board and must be promptly disclosed to the extent required by law or regulation. Any waiver granted by the Audit Committee of the Board must be reported to the Board of Directors as a whole.
7.5 No Rights Created
This Code is a statement of the fundamental principles and key policies and procedures that govern the conduct of the Company's business. It is not intended to and does not create any obligations to or rights in any employee, director, client, supplier, competitor, stockholder or any other person or entity.
Ultimate responsibility to see that we as a Company comply with the many laws, rules, regulations and ethical standards affecting our business rests with each of us. You must become familiar with and conduct yourself strictly in compliance with those laws, rules, regulations and standards and the Company's policies and guidelines pertaining to them.