Wynn Resorts, Ltd. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Wynn Resorts, Limited on April 11, 2005. The filing addresses a correction to the Summary Compensation Table included in the Company's proxy statement on Schedule 14A filed on the same date.
Key Financial Metrics
This filing does not report operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation data for the fiscal years 2002, 2003, and 2004.
Material Changes and Corrections
The primary material change reported is a correction to the compensation disclosure for the Chief Financial Officer, John Strzemp. In the original Schedule 14A filing, bonus compensation paid to Mr. Strzemp for 2002, 2003, and 2004 was inadvertently reported twice: once under the "Bonus" column and again under the "Other Annual Compensation" column. The corrected table reflects that there were no amounts of "Other Annual Compensation" paid to Mr. Strzemp during those years.
Management Commentary and Compensation Details
- Executive Compensation: The corrected table details compensation for the CEO (Stephen A. Wynn) and the four most highly compensated officers. For 2004, CEO Stephen A. Wynn received a salary of $1,826,923 and a bonus of $2,740,382.
- Perquisites: Significant "Other Annual Compensation" for Stephen A. Wynn in 2004 included $83,222 for personal use of the corporate aircraft, $63,311 for a company vehicle, and $68,750 for a driver.
- Restricted Stock Grants: On December 27, 2004, the Compensation Committee approved restricted stock grants for Ronald J. Kramer (150,000 shares) and Marc D. Schorr (125,000 shares), effective February 3, 2005. These grants vest 20% annually over five years.
- Historical Grants: Restricted stock granted in 2002 and 2003 to Messrs. Strzemp, Schorr, and Kramer had a total value of approximately $12.7 million as of December 31, 2004, based on a share price of $66.92.
Investor Verification Checklist
- Verify the corrected Summary Compensation Table in the Schedule 14A proxy statement to ensure the CFO's bonus is not double-counted.
- Review the vesting schedules for the restricted stock grants approved in December 2004 for Messrs. Kramer and Schorr.
- Confirm the valuation of unvested restricted stock grants based on the December 31, 2004 closing price of $66.92 per share.
- Note that the filing contains no data on the Company's operational performance, debt levels, or liquidity position.