Linda Chen, Chief Operating Officer of Wynn Resorts (Macau) S.A., has signed a new 10-year contract worth a basic US$1.5 million per year.
The offer of a new deal appears to be a vote of confidence by Steve Wynn and the rest of the board in Ms Chen. It comes after another successful and within budget launch of a Wynn property in Macau–this time the US$600 million Encore at Wynn Macau, which opened in April.
Cornell and Stanford-educated Ms Chen is credited with playing a vital role in ensuring that Wynn’s core product in Asia–Wynn Macau–had agreements with high roller agents when it opened in September 2006. That allowed Wynn Macau to grab market share disproportionate to the property’s footprint and table count. In April Wynn Macau achieved a 14% share of gross gaming revenue according to figures published by Lusa, the Portuguese news agency. A number of analysts think Wynn Resorts could improve that Macau market share during the year after the opening of Encore–especially as none of Wynn’s competitors will be adding new capacity in Macau this year.
Ms Chen, a former Executive Vice President of International Marketing for MGM MIRAGE in the US, is already a member of the Wynn Resorts board. If performance related pay and stock options are added to Ms Chen’s basic salary package, the deal should ensure she remains one of the gaming industry’s highest paid female executives. The new contract runs until 24th February 2020.
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