UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 8, 2006
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada 000-50028 46-0484987
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation)
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
(Address of principal executive offices of each registrant) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|_| Written communication pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencements communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On May 8, 2006, Wynn Resorts, Limited (the "Company") entered into an employment
agreement with Mr. Wesley Allison, pursuant to which Mr. Allison will serve as
Chief Accounting Officer of the Company. Mr. Allison's employment agreement has
a term of three years, unless sooner terminated as a result of his death,
disability or termination for cause, failure to obtain or retain any necessary
license or approval of gaming regulatory authorities or a material breach of the
agreement by the Company.
The agreement provides for an initial base salary of $300,000 per year, and
eligibility for an annual bonus pursuant to the Company's performance-based
bonus plan. In addition, effective as of May 8, 2006, the Company paid Mr.
Allison a one-time lump-sum bonus of $30,000 and granted Mr. Allison 5,000
restricted shares of common stock of the Company. All of the shares of
restricted stock will vest on May 8, 2011.
A copy of Mr. Allison's employment agreement is filed as Exhibit 10.1 hereto and
is incorporated herein by reference.
Item 5.02. Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.
On May 8, 2006, the Company appointed Mr. Wesley Allison to the position of
Chief Accounting Officer.
Prior to joining the Company, Mr. Allison, 45, served as the Acting Chief
Accounting Officer of the Las Vegas Sands Corp. from December 1, 2005 to May
2006. Mr. Allison also served as Vice President, Finance of the Venetian Casino
Resort LLC, a subsidiary of Las Vegas Sands Corp., from August 2005 to May 2006.
From June 2005 to August 2005, Mr. Allison was a consultant to Harrah's
Entertainment Inc. From May 2004 until June 2005, Mr. Allison was the Senior
Vice President, Interim Chief Financial Officer and Corporate Controller at
Caesars Entertainment, Inc. From July 2002 until May 2004, he was the Senior
Vice President and Corporate Controller, and from December 1998 until July 2002,
he was the Vice President and Corporate Controller, at Caesars Entertainment,
Inc.
The information set forth in Item 1.01 of this report is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits:
Exhibit
Number Description
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10.1 Employment Agreement, dated as of May 8,
2006, by and between Wynn Resorts,
Limited and Wesley Allison.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: May 11, 2006
Wynn Resorts, Limited
By: /s/ John Strzemp
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John Strzemp
Chief Financial Officer