Hospitality workers at Wynn Resorts (NASDAQ:WYNN) have voted in favor of ratifying a new five-year contract, Reuters reported. Las Vegas labor unions representing the workers made the disclosure on Wednesday.
The development comes on the back of similar actions at Caesars Entertainment (NASDAQ:CZR) and MGM Resorts (NYSE:MGM). According to the unions, 99% of the 5,000 staff they represent at Wynn Resorts voted in favor of the contract.
Per the report, the total pay secured by the union for employees working at Wynn, MGM, and Caesars casino locations is around $2 billion throughout the five-year contract.
Furthermore, the new agreement would increase wages for 40,000 employees at the locations. It will also end labor strike threats against casino operators, which could have severely damaged the city’s tourism industry.
The Las Vegas unions, regarded as one of the most powerful in the country, indicated that the salary raises are among the largest ever negotiated in their history. They also stated that the agreements will result in a 10% salary boost for all employees in the first year and a total increase of 32% during the duration of the new contract.
Is WYNN a Buy, Sell, or Hold?
On TipRanks, WYNN stock commands a Strong Buy consensus rating based on eight Buys and two Holds. After a 3.05% increase in its share price this year, the average WYNN price target of $120 per share implies 37.10% upside potential.