Vegas CEOs Rake In The Cash
Posted on May 29, 2018 at 12:05pm
The casino industry in Nevada is one of the biggest in the world, with top CEO’s earning in excess of $110m in combined total earnings during 2017. This according to a study conducted by Equilar. At the very top of the list of top-earners was Steve Wynn, former chairperson and chief executive of Wynn Resorts Ltd. Wynn earned approximately $34.5m in cash and stock combined. Sheldon Adelson, Las Vegas Sands Corp. CEO, ranked a close second at a total earnings of $26m for the year and Mark Frissora of Caesar’s Entertainment Corporation followed short on Adelson’s heels at a smooth $23.9m.
The only man in charge to have experienced a considerably drop in income during the past year (calculated from 2016) is Jim Murren, CEO of MGM Resorts. Murren earned approximately $14.6m during the 12 months. Be that as it may, Murren’s income package still trumped that of CEO’s of general public companies in the United States.
The main reason behind the strong financial year that has been prevailing in Las Vegas is the revenue growth that has been dominant and constant in the States as well as in Macau. This assisted companies in hitting earnings targets, which oftentimes allows executive bonuses to be triggered and come into play. Executives are generally rewarded in company stocks. The positive situation comes as no surprize when considering that Macau’s gross gaming revenue surged by 19% all the way to $33bn for last year alone.
This constitutes the Chinese peninsula’s best result since 2014. Wynn Resorts, Sands and MGM Resorts all have operations in Macau.
Wynn Resorts executives Steve Wynn, Matt Maddox and Kim Sinatra dominate the top of the land-based casino executives income scale. Their combined income for last year was $72.6m, which is double the total income earned by any top three executives at any other casino company. General counsel for Wynn Resorts, Kim Sinatra, is one of the most powerful women in the casino industry. Sinatra earned a total package of $13.2m for the year, which constitutes about five times the average remuneration package for people in similar positions.
Matt Maddox, who acted as president of Wynn Resorts during last year, officially earns more than Goldman Sachs CEO Lloyd Blankfein and Bank of America CEO Brian Moynihan, each of whom earned approximately $22m for the year.