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Casino operator
Wynn Resorts
(ticker: WYNN) 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
(MGM) and
Caesars Entertainment
(CZR) 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.
Write to Brian Swint at [email protected]
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