Wynn Resorts Strikes Five-Year Labor Deal with Las Vegas Unions Following Successful Q3 Performance
Five-year deal concluding protracted negotiations averts strike and promises largest ever wage increases for 5,000 employees, amid a tourism rebound and after Wynn posts stronger-than-expected Q3 results.
- Hospitality workers in Las Vegas have reached a five-year labor deal with Wynn Resorts, ending the threat of a disruptive strike against major casino operators in the city.
- The agreement covers 5,000 employees and is said to offer the largest wage increases ever negotiated in the history of Las Vegas unions.
- Along with pay increases, the deal offers reduced workload, lessened room quotas for housekeeping and extends recall rights for workers, providing them with an option to return to their jobs in the event of another pandemic or economic crisis for up to three years.
- Wynn Resorts recently posted strong third-quarter profits, bolstered by continued strength in its Las Vegas operations and recovery in Macau, China's major gambling hub.
- Despite the strong Q3 performance and successful labor deal, Wynn Resorts' stock fell by more than 5% due to investor concerns over an uneven recovery in Macau.
Reuters 
CNBC 
