Rivals MGM and Caesars have also announced deals with Las Vegas Strip workers.
Casino operator Wynn Resorts was falling after it reported earnings. But on the upside it has reached a deal with Las Vegas Strip workers before a key Friday deadline.
The Culinary Workers and Bartenders Union said it had reached a tentative agreement with Wynn covering 5,000 employees. It includes the biggest wage increases ever negotiated in the union’s 88 year history, it said in a press release. Rivals MGM Resorts and Caesars Entertainment already have announced agreements with workers. The Wynn deal came just hours before a 5 a.m. deadline that could have initiated a strike.
Wynn Resorts posted earnings Thursday that beat expectations, but its Wynn Macau unit disappointed investors who had hoped for a stronger recovery. Wynn Resorts shares were down 5.5% to $85.66 in premarket trading. Wynn Macau shares closed down 13% in Hong Kong. MGM Resorts said Thursday that it had reached an agreement with the Culinary and Bartenders unions, which covers about 25,000 workers. Caesars Entertainment reached a tentative deal with labor unions on Wednesday.
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