UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):
May
5, 2008
Wynn
Resorts, Limited
(Exact
Name of Registrant as specified in Charter)
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Nevada
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000-50028
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46-0484987
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
Number)
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3131 Las Vegas Boulevard
South
Las Vegas, Nevada 89109
(Address of principal executive offices)
(Zip Code)
(702) 770-7555
(Registrant’s telephone number, including area
code)
Not applicable.
(Former name or former address, if
changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01. Entry Into a Material Definitive Agreement.
On May 5, 2008, Wynn Resorts, Limited
(the “Company”) entered into an amendment to the Employment Agreement, dated as
of October 1, 2005, by and between Wynn Las Vegas, LLC and Matt Maddox, which
employment agreement was subsequently assigned to the Company. The
amendment reflects Mr. Maddox’s previously announced promotion to Chief
Financial Officer on March 17, 2008, extends the term of his employment
agreement to May 31, 2012 and provides for a base salary payable to Mr. Maddox
of $650,000 per annum effective April 1, 2008.
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
The information contained in Item 1.01
of this report is incorporated herein by reference.
Also on May 5, 2008, the Compensation
Committee of the Company approved an increase in the base salary payable to Marc
D. Schorr, the Company’s Chief Operating Officer, from $1,750,000 per annum to
$2,000,000 per annum. The increase is effective as of March 3,
2008.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits
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10.1
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First
Amendment to Employment Agreement, dated as of May 5, 2008, by and between
Wynn Resorts, Limited and Matt Maddox.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Date: May
6, 2008
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WYNN
RESORTS, LIMITED
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By:
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/s/
Kim Sinatra
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Kim
Sinatra
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Senior
Vice President, General
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Counsel
and Secretary
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Exhibit
10.1
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment
Agreement is made effective the 5th day of
May, 2008 by and between Wynn Resorts, Limited (“Employer”) and Matt Maddox
(“Employee”).
RECITALS
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A.
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Employer
and Employee are party to that certain Employment Agreement dated as of
October 1, 2005 by and between Wynn Las Vegas, LLC and Employee,
subsequently assigned to Employer (the “Existing
Agreement”).
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B.
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The
parties have agreed to amend the Existing Agreement as provided
herein.
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Now
therefore, in consideration of the above and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:
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1.
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Duties. Section
3 of the Existing Agreement is amended to provide that from and after
March 17, 2008, Employee shall be employed as the Chief Financial Officer
of Employer and shall discharge all duties attendant to that office as
required by the Chief Executive Officer and the Board of Directors of
Employer.
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2.
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Term. Section
5 of the Existing Agreement is amended to provide that the Term will
expire on May 31, 2012.
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3.
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Base
Salary. Section 7(a) of the Existing Agreement is
amended to provide that from and after April 1, 2008, Base Salary paid to
Employee shall be Six Hundred Fifty Thousand Dollars ($650,000) per
annum.
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Other
than as provided herein, the terms and conditions of the Existing Agreement are
hereby ratified and confirmed.
In
witness whereof, the parties hereunto set their hands this 5th day of
May, 2008.
Wynn
Resorts, Limited
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By:
/s/ Marc D. Schorr
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/s/ Matt
Maddox
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Marc
D. Schorr, Chief Operating Officer
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Matt
Maddox
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