Wynn Resorts, Limited - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Wynn Resorts, Limited on July 29, 2010. The report discloses a corporate governance event regarding the appointment of a new member to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
On July 29, 2010, the Company appointed Marc D. Schorr as a member of its Board of Directors. Mr. Schorr has served as the Company's Chief Operating Officer since June 2002 and is a member of the Gaming Compliance Committee. He also serves on the Board of Directors of Wynn Macau, Limited, a majority-owned subsidiary.
Management Commentary and Related Arrangements
Mr. Schorr is subject to an employment agreement previously disclosed in an 8-K filed on March 4, 2008. Additionally, he is a party to a time-sharing agreement with Las Vegas Jet, LLC, a wholly owned indirect subsidiary, regarding his personal use of Company-owned aircraft. Details of this arrangement were incorporated by reference from the Company's Definitive Proxy Statement on Form DEF 14A filed on April 1, 2010.
Investor Verification Checklist
- Verify the terms of Marc D. Schorr's employment agreement referenced in the March 4, 2008 Form 8-K.
- Review the "Aircraft Arrangements" section of the April 1, 2010 Form DEF 14A for details on the time-sharing agreement.
- Confirm Mr. Schorr's current roles within Wynn Macau, Limited and other subsidiaries.