Las Vegas Executives Enjoy Huge Salaries
The latest government filings show for that top Las Vegas casino executives the recession is definitely over. Last year Steve Wynn, the chairman of Wynn Resorts made $17.7 million, this is more than $1 million that the year before.
Salaries were flat throughout the recession, however, last year executive compensation bounced back. This is mainly due to improvements in stock prices.
The president of Global Gaming for Las Vegas Sands, Robert Goldstein, enjoyed over $24 million last year thanks to stock awards. However, some will say that he deserves it after his company made $1.5 billion profit last year.
However, there were a number of CEO’s who took home millions even though their company’s made a loss.
For instance Gary Loveman of Caesars made $12.8 million despite the fact that the company lost $1.5 billion last year and James J. Murren of MGM resorts made $9.6 million while his company lost $1.8 billion last year.
The director of the Centre for Business and Economic Research at UNLV, Dr. Stephen Brown, explained that CEO pay is decided by the company’s board of directors and “Boards of directors are typically made up of other CEO’s from other companies. So they have a vested interest in seeing CEO pay remain high.”