GGRAsia – Wynn Macau Ltd hands over stock options to certain directors
Wynn Macau Ltd hands over stock options to certain directors
Allan Zeman, chairman of casino operator Wynn Macau Ltd, is the largest individual beneficiary of a new stock option award split among five non-executive directors of the company.
Hong Kong-based leisure and entertainment entrepreneur Mr Zeman (pictured) gets nearly 3.78 million options – just under 42% – of the nearly 9.07 million options proposed.
The full year is worth just over HKD 62.7 million (US $ 8.0 million), based on the subscription price of HKD 6.92 per share, representing the average closing price per share. share of the five working days preceding the Friday grant.
The other recipients – each receiving just over 1.32 million options – are Wynn Macau Ltd’s other non-executive directors Bruce Rockowitz, Jeffrey Lam Kin Fung, Nicholas Sallnow-Smith and Leah Dawn Xiaowei Ye.
The information was given in a filing Friday on the Hong Kong Stock Exchange.
The exercise period is from December 3, 2022 to December 2, 2031, both dates included. The options can be exercised – in progressively increasing amounts – from the first anniversary of the grant date.
Wynn Macau Ltd – operator of the Wynn Macau and Wynn Palace casino complexes in Macau – saw its shares peak at HKD 16.44 on March 3, before falling to HKD 5.90 the lowest since the start of the year. year. September 20.
This follows a sharp drop in September, coinciding with the announcement of a Macau government consultation document on the future of the city’s casino industry, which will see the gambling rights of the six existing operators expire in June.
After hitting HKD 8.34 on November 25, shares of Wynn Macau Ltd fell again, coinciding with the announcement of restraint in Macau by Alvin Chau Cheok Wa, owner of the Suncity Group brand of VIP casino gambling junkets.