WYNN RESORTS, LIMITED 2 0 2 3 C O R P O R A T E R E S P O N S I B I L I T Y R E V I E W
Table of Contents
W H O W E A R E | 3 |
Message from Craig S . Billings, CEO | 3 |
What Makes Wynn, Wynn? | 4 |
Wynn Resorts Properties | 5 |
What We Believe | 6 |
Company Commitments | 6 |
Corporate Sustainability Goals | 6 |
Wynn Charitable Giving Pillars | 6 |
H O W W E D O I T | 7 |
Wynn North America ESG Highlights | 7 |
Our People | 8 |
Diversity & Inclusion | 8 |
Workforce Development | 9 |
Our Community | 10 |
Addressing the Homelessness Crisis | 10 |
Dollars for Doers | 11 |
Charitable Corporate Giving | 12 |
Wynn Resorts Foundation Donations and Grants | 12 |
Our Planet | 13 |
Wynn Resorts Green Building Awards | 13 |
Progress Toward our Sustainability Goals: Solar Program Commitment | 13 |
Our Commitment to Sustainable Sourcing and Animal Welfare | 14 |
2 0 2 3 C O M P A N Y R E C O G N I T I O N | 1 5 |
C O M P A N Y P U B L I C AT I O N S | 1 6 |
B A C K T O TA B L E O F C O N T E N T S Message from Craig S. Billings, CEO
If you're reading this letter, you likely read many reports like ours. Nearly all begin with a letter from the CEO and most recap everything you can read in the report.
Like most everything at Wynn Resorts, we take a different approach. Instead of a cursory recap, I want to lay out the tenets of our ESG program. Of course, these are not the only things that matter to us, but they are the things that underpin all our ESG thinking and activities. We do not change these beliefs based on the current trend. They are items we do not compromise on.
W E W A L K T H E TA L K
If you look at our Core Values and Behaviors in this report, you will see that the ideals of caring for people, fair treatment, taking personal responsibility, and driving ongoing improvement are built into who we are. Those values, in turn, influence who we hire, and that makes all the difference in a business like ours. When you have a company populated with those who share the same people-focused values, decision-making is quick, and you land on the ethical and just side of decisions.
P E O P L E C O M E F I R S T
We make decisions based on the best outcomes for people, whether they are our employees, our guests, or our shareholders, not some corporate entity. As an example, when people join our team, we commit to providing them with a career, not merely a job. To further fulfill that promise, we recently increased the scope of our learning and development programs to include a robust leadership development program that immerses up-and-coming leaders in Wynn culture and values. We also created more advanced programs focused on our high-potential mid- and upper-level employees to prepare them to lead us into the future. To accomplish that we've increased our investment in L&D by nearly 75 percent. The resulting increase in higher-performing teams and increased employee retention rates will reap benefits for our shareholders in the not-to-distant future.
Another example: last year, after a period of record inflation, we negotiated an agreement with our labor unions that gave our frontline people record wages and solid, long-term benefits. Our employees know we have their back, they're at the top of their game, and in turn, Wynn Resorts just delivered a year of best-ever financial results for our shareholders.
W E A R E N O T P E R F O R M AT I V E
We are not interested in looking good, we are interested in doing good. When we tackle tough problems, we go deep and do not concern ourselves with who gets the credit. We did not distribute news releases touting our program to develop new talent from HBCUs, our new CLIMB program to grow internal talent to meet our expansion opportunities or brag about our leadership to organize a sustainable solution for Las Vegas' unhoused population. Want to know more about those initiatives? It's in the report.
W E S TAY T R U E T O W H O W E A R E
We fundamentally believe it is possible to operate responsibly while creating luxury experiences-because offering luxury does not mean being wasteful. Things such as our trash sorting and food waste recycling programs in Las Vegas, our internal water bottling programs in Macau, and our solar energy battery storage program in Boston all help us to be responsible with zero diminishment to the guest experience. We believe they enhance it because Wynn guests know we are doing the right things on their behalf.
Those are the things that matter and make the difference at Wynn Resorts, now and into the future. Sincerely,
Craig S. Billings
Chief Executive Officer
Wynn Resorts Limited
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W H O W E A R E
B A C K T O TA B L E O F C O N T E N T S What Makes Wynn, Wynn?
EXCELLENCE
ARTISTRY
SERVICE DRIVEN
PROGRESSIVE
Wynn Resorts is a global company based in the U.S. with more than 27,800 highly diverse employees in North America, Macau, and the United Arab Emirates. Wynn provides experiences that place our resorts at the top of the most respected global rankings.
These core values describe the heart of our Company's most valuable asset-our people. Our employees exhibit genuine care for our guests, using these core values to provide a level of service found only in our world-class resorts and to create unparalleled guest experiences which make Wynn the place to "see and be seen." Wynn employees are the best at what they do because of our rigorous training, leadership development, and a culture of proprietorship.
Care about everyone | Treat everyone with | Take personal |
responsibility for | ||
and everything | dignity and respect | |
every detail | ||
Our Core Behaviors |
Approach everything | Create unforgettable | Always strive to be | ||
we do as if it's a work | ||||
experiences | better | |||
of art | ||||
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W H O W E A R E
B A C K T O TA B L E O F C O N T E N T S
Wynn Resorts Properties
W Y N N A N D E N C O R E L A S V E G A S
Wynn and Encore Las Vegas feature two luxury hotel towers with spacious accommodations, suites and villas, casinos, dining experiences, award-winning spas, meeting and convention space, retail, theaters, two nightclubs, and Wynn Golf Club.
E N C O R E B O S T O N H A R B O R
Encore Boston Harbor is a luxury resort featuring a casino, hotel rooms, an ultra-premium spa, specialty retail, casual and fine dining, and state-of-the-art meeting spaces.
Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has created a six-acre public park and Harborwalk along the shoreline.
W Y N N M A C A U
Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers, restaurants and bars, meeting and convention space, retail, two opulent spas, and a rotunda show.
W Y N N P A L A C E
Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed destination with exquisite rooms, suites and villas, a casino, restaurant and bars, meeting and convention space, designer retail, SkyCabs that traverse a Performance Lake, an extensive collection of rare art, state-of-the-art spa with a cryo chamber, salon, and recreation facilities.
W Y N N A L M A R J A N I S L A N D
Wynn Resorts, Al Marjan Island LLC, and RAK Hospitality Holding LLC are developing an integrated resort on Island 3, Al Marjan Island in Ras Al Khaimah, United Arab Emirates. The project is anticipated to open in 2027, featuring more than 1,500 hotel rooms, luxury retail, a state-of-the-art meeting and convention facility, an exclusive spa, more than 10 dining and lounge experiences, a wide variety of entertainment choices, a gaming area, and other amenities.
W YN N AN D E N C O RE L AS VEGAS N E VADA , U . S . A .
E N C O R E B O S T O N H A R B O R M A S S A C H U S E T T S , U . S . A .
I N D E V E L O P M E N T
W YNN AL MAR JAN ISL AND, U . A . E .
W Y N N M ACAU
M ACAU, S . A . R .
P E O P LE ' S R E P U B LI C O F C H I N A
W Y N N P A L A C E
M A C A U , S . A . R .
P E O P LE ' S R E P U B LI C O F C H I N A
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W H O W E A R E
B A C K T O TA B L E O F C O N T E N T S
What We Believe
Wynn employees take ownership of the guest experience, providing exceptional service with genuine empathy and a passion for surpassing guest expectations. We purposefully speak first about our people because Wynn employees are the creators of the unforgettable experiences, for which our guests return. Our resorts allow us to provide superior service and an ability to surprise and delight customers while respectfully stewarding our planet
and communities.
C O M P A N Y C O M M I T M E N T S
Wynn Resorts makes commitments that go beyond customary business practices. The Company continues to lead through the challenges presented by an evolving climate and adapting world. Wynn pursues programs to enrich and connect our communities, diversify leadership at the highest level of the Company, and decarbonize our operations.
C O R P O R AT E S U S TA I N A B I L I T Y G O A L S
Wynn Resorts has established three goals to address climate change. By prioritizing decarbonization and integrating it into daily operations and strategies, we are protecting our business from the adverse effects of climate change. We make these commitments to benefit the environment, our guests, employees, and the communities we serve.
CARBON DIOXIDE | ||||||
NET-ZERO BY 2050*: | EMISSIONS PEAK | |||||
To reduce or offset all carbon | BY 2030: | |||||
dioxide (CO2) produced by our | To stop and reverse year-over- | |||||
operations no later than 2050. | year growth of operational carbon | |||||
dioxide (CO2) emissions by 2030. | ||||||
W Y N N C H A R I TA B L E G I V I N G P I L L A R S
50 PERCENT RENEWABLE ENERGY PROCUREMENT
BY 2030:
To increase Wynn's supply of renewable energy produced or procured to at least 50 percent of total consumption by 2030.
Through the Wynn Resorts Foundation, the Company provides monetary donations and in-kind support to nonprofits throughout North America that align with our initiatives in education, cultural enrichment, and vibrant communities.
EDUCATION:
Innovation in education, workforce preparedness, and providing opportunities for at-risk youth.
CULTURAL
ENRICHMENT:
Celebrating and supporting cultural, civic, and heritage expression in our communities.
VIBRANT COMMUNITIES:
Making our communities better places to live.
- Wynn Resorts' 2050 and carbon peak sustainability goals apply to global operations, while the renewable energy goal for 2030 applies only to North American operations. Wynn Macau, Limited operations are aligned with our ultimate 2050 goal and have modified milestones toward that date, which reflect their regional targets and alignment with criteria from the Hong Kong Stock Exchange. Details on the Wynn Macau, Limited progress toward our corporate goals can be found in the Wynn Macau, Limited Sustainability Reporthere.
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W H O W E A R E
B A C K T O TA B L E O F C O N T E N T S
Wynn North America
ESG Highlights
Employee giving and specialty fundraising for the Wynn Resorts
Foundation raised a record-breaking
$1.1 MILLIONin 2023.
In North America, Wynn Resorts gave almost $9 MILLIONin cash and in-kind donations to charitable
organizations in 2023.
Wynn Las Vegas and Encore Boston
Harbor recycled more than
4,000 POUNDS of soap
in 2023 through our partnership with
Clean the World.
29%of electricity consumed by Wynn properties in North America was produced or procured by renewables in 2023.
Wynn Resorts employees in North
America volunteered more than
35,000 HOURS of
their time in 2023.
Water consumption in 2023 at
Wynn Las Vegas has
REDUCED BY 4% compared
to 2019, DESPITE A 3%
INCREASEin annual
occupied rooms.
Points of Light awarded Wynn Resorts
the CIVIC 50 AWARD
in 2023 for being one of the 50 most community-minded companies in America
As part of our commitment to the humane care of animals, Wynn Resorts has committed to sourcing
100% CAGE-FREE
EGGS globally by 2026.
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H O W W E D O I T
B A C K T O TA B L E O F C O N T E N T S
Our People
D I V E R S I T Y & I N C L U S I O N
In 2023, our Diversity & Inclusion Strategy focused on creating an inclusive workplace, developing marketplace and community partnerships through strategic alignment with associations and organizations, and recruiting candidates from Historically Black Colleges and Universities (HBCUs).
W Y N N R E S O R T S D I V E R S I T Y & I N C L U S I O N S T R AT E G I C P L A N
The Wynn Resorts Diversity & Inclusion Strategic Plan, a three-phase program developed around Wynn Resorts' Core Value "Treat Everyone with Dignity and Respect," focuses on responsibility to our stakeholders to operate as a respectful workplace, welcoming environment, and inclusive community partner. Through the phases outlined in the Wynn Resorts Diversity & Inclusion Strategic Plan, the Company continued to offer an inclusive workplace where every employee is valued, respected, and given the opportunity to reach their full potential.
D I V E R S I T Y & I N C L U S I O N A D V I S O R Y C O U N C I L
The Diversity & Inclusion Advisory Council (DIAC) provides departmental perspective regarding activation and engagement of Diversity & Inclusion initiatives throughout the business. The DIAC identifies diversity champions to ensure initiatives and objectives reach all employees.
D I V E R S E M E E T I N G S & C O N V E N T I O N S S T R AT E G Y
Wynn Resorts sponsored the NAACP National Convention in Boston. The Company engaged the NAACP Board
of Directors and all branch presidents at a welcome reception at Encore Boston Harbor. This outreach strengthened and solidified the Company's reputation in Black and Brown communities.
H B C U R E C R U I T M E N T I N I T I AT I V E
In 2023, Wynn welcomed its first cohort of graduates into the Company's HBCU Management Training Program with students hired from Tennessee State University, Morgan State University, and Delaware State University. This program is a result of the partnerships Wynn Resorts has built with hospitality and tourism programs at Historically Black Colleges and Universities (HBCUs) to market employment opportunities. Wynn Resorts' representatives made campus visits and hosted university administrators at our resort, creating awareness for employment opportunities. The Company is now actively recruiting for its second cohort and expanding its footprint into more fields. This program drives diversity in mid-level management with the goal of building toward the executive level.
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H O W W E D O I T
B A C K T O TA B L E O F C O N T E N T S
Our People
W O R K F O R C E D E V E L O P M E N T
S H A P I N G A N E M P L O Y E E - C E N T R I C W O R K P L A C E
As business volume reached an unprecedented level throughout 2023, so did the demand to hire qualified employees across all job functions. Wynn Resorts enhanced its programs to recruit and retain talent, making significant reinvestments into its workforce. Top initiatives included reinforcing company culture and creating an environment where every single person feels valued at work. The Company engaged our workforce with gatherings and celebrations, bonus compensation contests, and employee engagement surveys to measure at-work satisfaction.
" O U R VA L U E S A N D A C T I O N S " C A M P A I G N
Wynn Las Vegas and Encore Boston Harbor launched a four-week contest known as the 'Our Values and Actions' Campaign, to immerse employees in Wynn's values (Service-Driven, Excellence, Artistry, and Progressive) and reward team members for demonstrating those values. Throughout the campaign, employees earned prizes when a manager observed them demonstrating one of the Actions or Values "In the Moment." In August 2023, Wynn Las Vegas extended this to a yearlong 'In the Moment' program, supported by creative assets to remind employees of these values, and the simple actions they demonstrate on a day-to-day basis that bring our culture to life. Encore Boston Harbor will launch this year-long initiative in January 2024.
E M P L O Y E E R E F E R R A L C O N T E S T
The Employee Referral Program rewarded current Wynn Las Vegas and Encore Boston Harbor employees with $100 for referring line-level candidates, $250 for supervisor-level candidates, and $500 for management- level candidates who are hired and pass their 90-day probation period. Wynn Las Vegas took an additional step to create a quarterly referral contest rewarding $1,500 to the employee who submitted the most successful referrals in that quarter.
E M P L O Y E E E N G A G E M E N T S U R V E Y
In 2023, Wynn Resorts continued to seek employee feedback on the workplace through a comprehensive engagement survey. Wynn Las Vegas and Encore Boston Harbor achieved 73-percent survey participation, increasing by 20 percent from 2022, as more employees realized that direct action was taken based on their feedback. Survey results found the Company exceeded hospitality and service benchmarks in all areas with a workforce that is proud of their place of employment, highly engaged in their jobs, and provided benefits beyond those of other employers. As a result of this survey, several new programs were put into place to educate employees on what other departments do day-to-day. Using insights from the engagement survey, the Company conducted town halls, feedback sessions, and open dialogues about actions that would strengthen the workforce.
E M P L O Y E E A P P R E C I AT I O N A N D C O M P E N S AT I O N
Wynn Resorts responded to rising inflation in 2023 with a cost-of-living adjustment for all non-contracted employees. This reinvestment into our workforce was based on the market findings from the compensation committee and strengthened Wynn's employee-centric workplace.
Wynn Leaders Selected for CLIMB Program
As part of a broader collection of new employee training and development programs launching in North America in 2024, Wynn laid the groundwork and selected the first CLIMB program cohort in 2023. The CLIMB program identifies high-potential managers across department operations for a professional development certificate program. This professional development program will graduate its first cohort in 2024.
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H O W W E D O I T
B A C K T O TA B L E O F C O N T E N T S
Our Community
A D D R E S S I N G T H E
H O M E L E S S N E S S C R I S I S
Wynn actively works with legislators, community service providers, and volunteers to support locals who are experiencing, or who are on the verge of, housing insecurity.
In 2023, Wynn spearheaded the passage of Nevada Assembly Bill 528 (AB528), working with legislators on both sides of the aisle to establish a program to provide up to $100 million in matching funds to develop a project that provides comprehensive, sustainable, and compassionate support services to individuals and families experiencing, or at risk of, housing insecurity. This monumental legislation empowers the state to partner with private industry to work with community service providers, ensuring they have the resources needed to meet surges in demand. These programs will help address the underlying root causes and
the various crises that contribute to loss of housing, including substance abuse, mental health needs, and employment.
One of the core challenges facing those who seek to re-enter society is that service providers are often located in different places and accessing the support needed for individuals and families can be an insurmountable challenge. Wynn has worked with local officials to develop a model that mirrors other major metropolitan cities, where centralizing services has resulted
in success.
The legislation in AB528 is aimed to help expand and complement current regional resources by providing a systemic solution to help address the needs of Southern Nevada, and support those who provide critical health and human services in our communities.
W Y N N N O R T H A M E R I C A E M P L O Y E E
V O L U N T E E R H O U R S
2021 2022 2023
35,000 | 35,014 |
28,480
25,000
15,000
14,933
0
Wynn Resorts is the first company to bring The Pack Shack's Feed the Funnel parties to Nevada and Massachusetts. Volunteers pack shelf-stable meals that go to charitable community partners for distribution. Since the partnership began in 2018, Wynn employees have packed millions of meals for food insecure individuals in our communities. In 2023 alone, Wynn volunteers collectively packed more than 2 million meals.
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H O W W E D O I T
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Wynn Resorts Limited published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 15:19:05 UTC.
