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 December 11, 2009, reporting an event that occurred on December 7, 2009. The filing concerns a corporate insider trading plan established by the Company's Chief Operating Officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to a disclosure of a specific executive transaction and does not contain financial performance data.
Material Changes
On December 7, 2009, Marc D. Schorr, Chief Operating Officer, entered into a Rule 10b5-1 trading plan through his family trust. The plan authorizes the sale of up to 9,200 shares of the Company's common stock. This sale is concurrent with the vesting of 25,000 shares of common stock received under a Restricted Stock Agreement dated February 3, 2005.
Management Commentary and Risks
Mr. Schorr advised the Company that the proceeds from the sale will be used primarily to pay federal tax withholding obligations resulting from the vesting of the 25,000 shares, as well as associated brokerage commissions. The Trading Plan is designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934 and the Company's insider trading policy.
Investor Verification Checklist
- Verify the vesting schedule and terms of the Restricted Stock Agreement dated February 3, 2005.
- Confirm the total number of shares held by Marc D. Schorr following the execution of the trading plan.
- Review the Company's insider trading policy to ensure the plan's compliance.
- Monitor future filings for the actual execution of the 9,200 share sale.