LAS VEGAS, Feb 03, 2009 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN) announced today that a number of
efficiency initiatives would be implemented at Wynn Las Vegas focused on
keeping full-time staff employed in these uncertain times. These
initiatives include reductions in pay for all salaried employees in Las
Vegas, reduced work weeks for full-time hourly employees, the
elimination of 2009 bonus accruals and a suspension of the employer
match to the 401K contributions. The Company believes this initiative
plus other operational efficiencies will save approximately $75-100
Steve Wynn, Chairman and CEO of Wynn Resorts commented, "The management
team at Wynn Resorts recognizes their responsibility to the employees,
customers and shareholders to maintain the strength and health of the
business and the integrity of the guest's experience. We will make
decisions that protect and preserve the stability of the employees and
allow the company to optimize its performance."
In addition, Wynn Resorts has a strong balance sheet with over $1
billion of cash on hand and only $375 million of debt maturities over
the next two years.
The Company will host a call today, February 3rd at 2:45 pm
pacific time to discuss these initiatives. The call will be accessible
by calling (800) 794-8478. The conference call ID is 84407937.
About Wynn Resorts
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under
the ticker symbol WYNN and is part of the S&P 500 and NASDAQ-100
Indexes. Wynn Resorts owns and operates Wynn Las Vegas (www.wynnlasvegas.com),
and Wynn Macau (www.wynnmacau.com).
Wynn Las Vegas, a luxury hotel and destination casino resort located on
the Las Vegas Strip features 2,716 luxurious guest rooms and suites, an
approximately 111,000 square foot casino, 22 food and beverage outlets,
an on-site 18-hole golf course, approximately 223,000 square feet of
meeting space, an on-site Ferrari and Maserati dealership, and
approximately 74,000 square feet of retail space.
Encore, the new signature resort in the Wynn collection, opened December
22, 2008. Encore is located immediately adjacent to Wynn Las Vegas and
features 2,034 suites, approximately 72,000 square foot casino, 12 food
and beverage outlets, a nightclub, a spa and salon, approximately 60,000
square feet of meeting space and approximately 27,000 square feet of
upscale retail outlets.
Wynn Macau is a destination casino resort in the Macau Special
Administrative Region of the People's Republic of China and currently
features 600 deluxe hotel rooms and suites, approximately 205,000 square
foot casino, casual and fine dining in five restaurants, approximately
46,000 square feet of retail space, a health club, pool and spa, along
with lounges and meeting facilities.
SOURCE: Wynn Resorts, Limited
Wynn Resorts, Limited
Vice President of Public Relations & Advertising