Wynn Resorts (NASDAQ: WYNN) CEO Craig Billings and some other high-ranking executives at the casino operator modestly trimmed their exposure to their employer’s stock.
A recent Form 4 filing with the Securities and Exchange Commission (SEC) indicates that on Feb. 8, Billings sold 19,235 shares of the gaming stock, grossing about $2.08 million in proceeds in the process. He earned those shares by way of stock options that are part of his overall compensation package.
Following the sale, Billings owns 307,904 shares of Wynn, according to the Form 4. That values his stake in the company at $34.47 million based on the Feb. 16 closing price of $105.13. He’s about nine months into a four-year contract that lifted his annual salary to $2 million, a target bonus of no less than 200% to 250% of that salary, and restricted options of 375% to 410% of that cash pay.
Billings took over as chief executive officer on Feb. 1, 2022, replacing Matt Maddox. Prior to that, the Columbia Business School graduate served as chief financial officer of the gaming company and chief executive officer of Wynn Interactive. All told, he’s been at Wynn for about seven-and-a-half years.
Other Wynn Execs Trim Stakes
Another Form 4 indicates CFO Juliie Cameron-Doe sold 6,383 shares of Wynn on Feb. 5 at an average price of $105.27. That pared her stake in the stock to 78,150 shares.
She replaced Billings as chief financial officer (CFO) when he took the top role at the gaming company. Both executives were among those that agreed to reduced salaries in exchange for equity in 2022 when the stock was struggling with the adverse effects of the coronavirus pandemic on Macau — Wynn’s largest market.
Wynn Director Patricia Mulroy disposed of 960 shares of the stock on Feb. 9 at an average price of $105.17, modestly trimming here stake in the company.
The sales by Wynn executives are modest and pale in comparison to what’s recently been seen at some other gaming companies.
Billings Steadying Force for Wynn
Shares of Wynn are up 23.39% since Billings took the helm of the gaming company. Over the past two years, the stock has slightly trailed the S&P 500, but much of that lag is attributable to Macau contending with travel restrictions for essentially all of 2022.
Not only has Billings navigated through that and Macau concession renewal, he’s steered the company into a project in the United Arab Emirates (UAE) where Wynn is poised to become the first regulated casino operator in the Arab world. The company is also pursuing a gaming license in the New York City area and is considered one of the top contenders for one of those permits.
Under the stewardship of Billings and Cameron-Doe, Wynn has also restored its quarterly dividend and been avid buyer of its own shares.
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