Las Vegas casino hotel and restaurant workers reached a tentative agreement with Wynn Resorts on Nov. 10, three hours before the 5 a.m. strike deadline.
The new five-year contract covers working conditions for 5,000 employees at two Wynn Resorts locations, Wynn and Encore.
Last week, Wynn Resorts also reported financial results for the third quarter, ending Sept. 30.
Culinary Union claims victory concerning several requests
The Culinary Workers Union underlined in Friday’s statement that the five-year contract brought “the largest wage increases ever negotiated” in its 88-year history.
As stated in the Culinary and Bartenders Union’s press release, the historic new agreement also includes:
- Workload reductions for guest room attendants
- Mandated daily room cleaning
- Increased safety protections for workers on the job
- Expanded technology contract language
- Extended recall rights
- The right for unionized workers to support non-union restaurant workers seeking to unionize by respecting their picket lines
Additional specifics of the new union collective bargaining agreement are still not revealed publicly. The tentative agreement must be ratified by a majority vote of the union members and concludes seven months of negotiations.
Michael Weaver, spokesperson for Wynn Las Vegas, commented:
“We strongly believe that only the most talented and empowered employees, working in an environment in which they feel valued and well compensated, can deliver our signature Wynn and Encore guest experiences.
Wynn has historically enjoyed a relationship with Unite Here that is based on mutual respect and a shared interest in doing the best we can for those most important to us – our employees. This year has been no exception.
We look forward to ratification of our agreement soon, and to providing the legendary service for which our employees are known to the thousands of race fans about join us.”
Wynn announced its Q3 2023 highlights
Just one day before reaching a contract agreement with the union, Wynn Resorts Limited held its third quarter 2023 earnings call.
As the company highlighted last week, operating revenues were $1.67 billion for the year’s third quarter. The figure represents an increase of $782.2 million from $889.7 million for the same period last year.
During Q3 2023, net loss attributable to Wynn Resorts Limited was $116.7 million, compared to net loss of $142.9 million for Q3 2022.
Meanwhile, the company’s diluted net loss per share was $1.03, compared to a diluted net loss per share of $1.27 for the third quarter of 2022.
Moreover, Adjusted Property EBITDAR was $530.4 million in Q3 2023, which compares to $173.5 million reported during the third quarter of last year.
Craig Billings, CEO of Wynn Resorts Limited,commented on the results in a Wynn Resorts press release:
“Our third quarter results reflect continued strength across our property portfolio. Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers.
In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses.
On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE.”