Like many other companies in other industries, Wynn did not foresee a global pandemic upending the world in 2020. But their cast-iron ESG practices and a steadfast adherence to core company values have helped them navigate a difficult business environment with aplomb.
In this interview, board member Betsy Atkins interviews Wynn CEO Matt Maddox. The two discuss Wynn's initial reaction to COVID in March and the importance of taking care of their communities, alongside how the company's commitment to ''always strive to be better'' has enabled them to push forward in their personal battle against the causes of climate change.
And how does the future look for Wynn? ''Zero carbon, zero waste resorts.'' That's something all of us can get behind.
Q: How has Wynn adapted their ESG practices in response to COVID? A: When we first faced the COVID crisis in early March, it was our commitment to ''care about everyone and everything'' that guided us to make good decisions. We closed our operations in Las Vegas and Boston to help limit community spread of the virus and keep people safe. We suggested to regulators early on that closing was necessary and the only responsible path to making it through the crisis. We preserved our company's culture by continuing to pay all full and part-time employees. We are one of the very few companies in America to do this. We invested more than $250 million in our culture by paying employees their wages, tips and benefits throughout the closure. We knew that staying home was hard work and the thought of asking our 15,000 team members in North America to stay home and tell them they are furloughed was simply contrary to our core values. We also established a fund for employees to access when faced with financial hardship caused by family members with COVID. ''Always strive to be better,'' another core value of ours, drove my decision to leverage our operational excellence with a team of leading medical and public health professionals. That allowed us to develop a Health & Safety program, based on the most effective health and safety practices available, that has become the gold standard for our industry. We took care of our communities by providing relief to first responders and offering food and protection to those suffering the financial impact of the crisis. We donated more than $3 million in personal protective equipment, food and hygiene supplies to organizations in Las Vegas and Greater Boston. In short, we invested in our employees, worked for the health and safety of our guests, and took care of our communities. We made things better. Like we always do. Q: How does Wynn communicate its ESG and sustainability practices to its various constituencies including employees, customers, investors and other stakeholders? A: Wynn publishes a very thorough and comprehensive annual Environmental, Social and Governance Report. Some highlights from the report include:_________________________
Q: How has Wynn adapted their ESG practices in response to COVID? A: When we first faced the COVID crisis in early March, it was our commitment to ''care about everyone and everything'' that guided us to make good decisions. We closed our operations in Las Vegas and Boston to help limit community spread of the virus and keep people safe. We suggested to regulators early on that closing was necessary and the only responsible path to making it through the crisis. We preserved our company's culture by continuing to pay all full and part-time employees. We are one of the very few companies in America to do this. We invested more than $250 million in our culture by paying employees their wages, tips and benefits throughout the closure. We knew that staying home was hard work and the thought of asking our 15,000 team members in North America to stay home and tell them they are furloughed was simply contrary to our core values. We also established a fund for employees to access when faced with financial hardship caused by family members with COVID. ''Always strive to be better,'' another core value of ours, drove my decision to leverage our operational excellence with a team of leading medical and public health professionals. That allowed us to develop a Health & Safety program, based on the most effective health and safety practices available, that has become the gold standard for our industry. We took care of our communities by providing relief to first responders and offering food and protection to those suffering the financial impact of the crisis. We donated more than $3 million in personal protective equipment, food and hygiene supplies to organizations in Las Vegas and Greater Boston. In short, we invested in our employees, worked for the health and safety of our guests, and took care of our communities. We made things better. Like we always do. Q: How does Wynn communicate its ESG and sustainability practices to its various constituencies including employees, customers, investors and other stakeholders? A: Wynn publishes a very thorough and comprehensive annual Environmental, Social and Governance Report. Some highlights from the report include:
- Encore Boston Harbor was built to the highest environmental standards which anticipated the potential impacts of climate change, receiving an LEED Platinum certification
- Wynn resorts employees donated over 65,000 hours of global volunteerism in 2019
- In 2019 Wynn Resorts gave over 15,000 hours of leadership training to domestic employees
Operationalizing ESG: A Checklist for Boards
Operationalizing core ESG principles is a journey. While the process involves many stakeholders across the organization, the commitment to ESG starts with the board. In this ESG Roadmap, we offer next steps for boards that are wondering: Where do we go from here?Media Highlights
Environmental, social and governance (ESG) issues have become more complex and multifaceted than ever before. At the same time, ESG continues to ascend on board and leadership agendas.
In this buyer’s guide, we explore what a market-leading ESG solution should look like and highlight the key areas organisations should be prioritising as they embark on their search.