Wynn Resorts marked the 20th anniversary of its Las Vegas operations by presenting a $10,000 stock gift to employees who joined the company at its inception. The milestone is a benchmark for the luxury resort operator, which opened the Wynn Las Vegas in April 2005 and later expanded with Encore in December 2008.
Key Takeaways
- Wynn Resorts provided employees with stocks worth $10,000 to celebrate 20 years in Las Vegas
- The rewards went to employees who have worked at Wynn Resorts for those entire 20 years
- Due to global economic policies, Wynn Resorts stocks fell around 3.5% once the gifts were handed out
The anniversary celebration included gifts for eligible employees, from Apple MacBooks to coveted game consoles. The company did not stipulate the number of employees who will be given the anniversary gift or whether the $10,000 valuation is the current market price or a previous valuation.
The decision was all over social media, and people generally considered it a good move by Wynn Resorts. Such perks are typically limited in the hospitality industry. Employee turnover has always been high, and incentives for loyalty are historically unimportant.
But the program also created some cynicism. Some online responses questioned the timing and value of the stock gift, especially in light of recent market fluctuations.
Concerns were raised about whether the gift's worth had been undermined by overall economic events, particularly in light of President Donald Trump's recent actions to increase tariffs. That action was responsible for a reported 3.5% drop in Wynn Resorts' stocks in pre-market trading on Wednesday. The loss, though modest, risked the after-hours worth of the stock-based incentive.
Wynn's New York casino plans face resistance
Aside from dealing with mixed public acceptance, Wynn Resorts also has expansion plans on shaky ground in New York City. It was allied with Related Companies in the highly publicized bid to develop a casino hotel under the second phase of the Hudson Yards redevelopment project in Manhattan.
However, this plan is now under review following New York City Comptroller Brad Lander's call for a moratorium on the rezoning needed.
Lander is concerned about the deviation from earlier housing promises in the community. He argued that including a casino could negatively affect the community and reduce the number of residential units promised initially under a prior development agreement.
The comptroller's opposition is the latest obstacle in the already hotly contested application process for acquiring one of the New York casino permits that are so scarce. It has created excitement among several operators keen to establish a foothold in the nation's most populous city.
Wynn Resorts' New York aspirations are part of a broader effort by large gaming companies to branch out from traditional markets such as Las Vegas and Atlantic City. The approval for three New York casinos in the downstate region has given rise to many proposals, with developers promising future employment, tourism, and state tax revenue.
However, these initiatives have also faced opposition from communities and political challenges as city stakeholders weigh the long-term impact of casino projects on community dynamics and infrastructure.
