Top Las Vegas Casino CEOs Made $110 Million Last Year

New research shows that CEOs from Nevada’s six largest casinos earned $110 million last year. The Equilar study shows that Steve Wynn, former chairman of Wynn Resorts Ltd., led the list after making $34.5 million in cash and stock. Sheldon Adelson, CEO of Las Vegas Sands Corp., ranked second with $26 million. Caesars Entertainment CEO […]

New research shows that CEOs from Nevada’s six largest casinos earned $110 million last year. The Equilar study shows that Steve Wynn, former chairman of Wynn Resorts Ltd., led the list after making $34.5 million in cash and stock.

Sheldon Adelson, CEO of Las Vegas Sands Corp., ranked second with $26 million. Caesars Entertainment CEO Mark Frissora was third with $23.9 million in total compensation.

All three of these executives saw their salaries increase. But MGM Resorts CEO Jim Murren was the only one out of the top four who saw his salary decrease, dropping to $14.6 million in 2017.

Nevertheless, Murren can still keep his head high when considering that his payment package beats that of CEOs who lead US public companies. Equilar shows that these top execs averaged $11.7 million in total compensation.

What’s Driving Big Salaries for Top Las Vegas CEOs?

Las Vegas casino operators had one of their strongest years ever in 2017. This helped the companies achieve their earnings goals, which resulted in bonuses for top-level executives. Most of this payment is usually given in stock.

A big reason for the increase in gross gaming revenue is the success of Macau. Several Las Vegas-based casino companies have a stake in Macau casinos too. And the Asian gambling destination saw its revenue increase by 19 percent last year to $33 billion. MGM, Sands, and Wynn Resorts all have operations in Macau.

Wynn, Matt Maddox, and Kim Sinatra — the company’s top three executives — made a combined $72.6 million in 2017. This is double what the top executives from any other gaming company earned.

Workers Now Fighting for Pay Raise

The success of Vegas casinos hasn’t gone under the radar as far as the workers go. Culinary Local 226 and Bartenders Local 165 now want pay increases. They’re currently negotiating new five-year contracts with major casino operators like Boyd, Caesars, and MGM.

The union has given their members permission to strike at 34 casino locations if the new contract demands aren’t met.

 

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