Wynn CEO Billings gets contract extension and a raise

Wynn Casino Las Vegas at nighttime
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Roughly 15 months after being appointed to his post, Wynn Resorts CEO Craig Billings is getting a contract extension as well as a raise.

According to an SEC Form 8-K filing by the company, Billings’s contract has been extended through June 1, 2027. Additionally, his pay will increase from $1.8 million to $2 million each year.

In addition to his salary, Billings’s maximum target bonus has been boosted from no less than 200% of his base salary to no less than 250% of his base salary. In other words, if Billings hits his annual targets, his earnings will amount to $7 million a year instead of $5.4 million per year.

CFO Julie Cameron-Doe received a similar extension and bump. Her contract now goes through June 2026 and her base pay was upped from $900,000 to $950,000. Additionally, her minimum equity grant is now 175% of her base salary in restricted stock instead of 150%.

Billings took over as CEO of the company when previous CEO Matt Maddox stepped down. Maddox was appointed to the position in the wake of Steve Wynn’s resignation amidst a sexual harassment scandal.

Billings first came to Wynn in 2015 as CFO and Treasurer before being promoted to President and Treasurer in 2019. He then retained his overall CFO post for the company while concurrently serving as the CEO of Wynn Interactive. He served in that duel post from May 2021 until February 2022 when he formally took on the overall CEO role.

Wynn’s stock prices on NASDAQ have steadily gone up since a 52-week low in June thanks in part to the rapid recovery of Wynn Macau, whose operations were severely hampered by COVID-19 restrictions.