Wynn Resorts management check
WYNN · Consumer Discretionary · Casinos & Gaming · CEO Mr. Billings
Filings as of
3 good · 1 to watch · 2 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $146, against $94 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.85 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
4.6% of net income$15.1m of reported pay in fiscal 2025, against $327.3m of net income.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -3.9% a year over the last three fiscal years. Stock-based pay was 1.3% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Mr. Maddox, Mr. Billings, Matt Maddox. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021. The company says it has not adopted insider trading policies.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 70 | |
| Pay for performance | 93 | 79 | |
| CEO cost | 0 | 44 | |
| Skin in the game | — | — | 36 |
| Dilution | 99 | 74 | |
| Stable leadership | 20 | 80 | |
| Clean books | 70 | 100 |
Closest peers
Others in Casinos & Gaming, by management score. Wynn Resorts is 30th of 47 in its sector.
- 160LVSLas Vegas Sands72
- 184MGMMGM Resorts70
- 258EBAYeBay Inc.64
- 266WYNNWynn Resorts64
- 292ROSTRoss Stores62
- 303DRIDarden Restaurants61
Pay versus performance
From the proxy statement filed March 25, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Billings | $15.1m | $24.3m | $4.1m | $146 | $94 | $327.3m |
| 2024 | Mr. Billings | $15.9m | $14.2m | $4.2m | $78 | $85 | $501.1m |
| 2023 | Mr. Billings | $16.2m | $17.5m | $4.6m | $67 | $76 | $730.0m |
| 2022 | Mr. Billings, Matt Maddox | $12.2m | $6.6m | $5.3m | $60 | $58 | −$423.9m |
| 2021 | Mr. Maddox | $12.9m | $7.9m | $6.9m | $62 | $78 | −$755.8m |
The board says pay is tied most to Adjusted Property EBITDAR. Its other key measures: Market Share of Gross Gaming Revenues, Achievement of Forbes Five-Star awards.
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- Jan 9, 2026Leadership change8-K 5.02
- Nov 27, 2024Leadership change8-K 5.02
- Sep 27, 2024Leadership change8-K 5.02
- Aug 7, 2023Leadership change8-K 5.02
- Jun 2, 2023Leadership change8-K 5.02
- Apr 18, 2022Leadership change8-K/A 5.02
- Jan 14, 2022Leadership change8-K 5.02
- Dec 8, 2021Leadership change8-K 5.02
- Nov 9, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 8, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.6bn returned to owners in buybacks and dividends, 422% of net income, and $378.3m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8bn | $3.8bn | $6.5bn | $7.1bn | $7.1bn |
| Net income | −$755.8m | −$423.9m | $730.0m | $501.1m | $327.3m |
| Stock-based pay | $95.2m | $67.6m | $64.5m | $59.0m | $91.9m |
| Buybacks | $13.8m | $187.5m | $212.5m | $401.8m | $380.1m |
| Dividends | $1.6m | $1.4m | $84.7m | $139.6m | $174.7m |
| Diluted shares | 114m | 114m | 113m | 110m | 104m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.