Craig Billings Remains at Wynn Resorts’ Helm through 2027

In February last year, Craig Billings replaced Matt Maddox for the role of chief executive officer (CEO) of the gaming and entertainment giant, Wynn Resorts. Overall, Billings was a part of the company for more than six years and has previously held the role of chief executive officer of Wynn Interactive. Before being appointed as CEO, he also served as chief financial officer.

Now, a new Form 8-K filing with the US Securities and Exchange Commission (SEC), reveals that Billings’ tenure as CEO was extended through June 2027. Under the new filing, labeled as First Amendment to Employment Agreement between Wynn and Billings, he will remain in his current role as of June 1, 2027.

“Unless sooner terminated as provided in this Agreement, the term of this Agreement (the “Term”) shall commence on the Effective Date of this Agreement and terminate on June 1, 2027, at which time the terms of this Agreement shall expire and shall not apply to any continued employment of Employee by Employer, except for those obligations under Sections 9, 10, 11 and 21,“

reads the recent SEC filing

The CEO Will Enjoy an Increase in Base Salary, Bonus

In addition to the extended term as chief executive officer, the SEC filing reveals that Billings also secured a pay raise. In terms of his base salary, the chief executive officer would now receive $2 million annually, marking an increase of $200,000 from his previous annual salary of $1.8 million.

As with other senior-level roles, Billings will be subject to performance reviews. The SEC filing details that based on such reviews, his salary may increase but cannot be decreased. The base salary will be “exclusive of and in addition to” other benefits the CEO is entitled to from Wynn that can be but are not limited to bonus, pension plan and other benefits.

“Employee will participate in Employer’s Amended and Restated Annual Performance Based Incentive Plan for Executive Officers (the “Annual Bonus Plan”) with an annual target bonus of no less than 250% of the Base Salary,“

explains Wynn Resorts’ recent SEC filing

Besides the salary increase, the SEC filing revealed that Billings’ annual target bonus was increased from no less than 200% to no less than 250% of his annual base salary. Last but not least, Billings’ annual equity grant of restricted stock was increased from 375% to 410% of his annual base salary.

The extended tenure comes after only recently, Wynn released its Q1 2023 financial results. The company confirmed it enjoyed a record start to the year with a significant increase in business volume within its Macau and US-facing operations. Overall, Wynn’s operating revenue for the period hit $1.42 billion, marking a staggering increase of $470.3 million when compared to the corresponding period in 2022.