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NEWS 29 May 2018

Nevada top executives paid $145m in 2017

By Robert Simmons

Executives from some of the top gambling firms in Nevada were paid over $145.7m during 2017, according to financial research group Equilar and the Associated Press.

Former Wynn Resorts CEO Steve Wynn topped the remuneration charts, netting over $34,522,695 in cash and stock based remuneration during 2017. Wynn has since left Wynn Resorts, liquidating his entire shareholding following a well publicised sexual misconduct scandal.

Multi-billionaire owner of Las Vegas Sands Corporation, Sheldon Adelson came in second to Wynn, receiving over $26m in remuneration during last year. Las Vegas Sands operates the Venetian, Palazzo and the Sands Expo hotels in Las Vegas together with six other resorts in Asia.

In the bronze medal position was Caesars Entertainment Corporation CEO Mark Frissora, who received almost $24m in remuneration during 2017. Caesars exited chapter 11 bankruptcy in October following a protracted process that saw them write off over $24bn in toxic debt.

MGM Resorts International CEO, James Murren, rounds out the list of double-digit million dollar executive remuneration, netting over $14.58m during 2017.

IGT’s CEO Marco Sala and Boyd Gaming CEO Keith Smith were awarded $9.86m and $8.59m respectively, while Scientific Games CEO Kevin Sheehan took home over $8.1m during 2017.

Penn National Gaming CEO Timothy Wilmott was awarded $7.18m in remuneration during 2017. Wilmott has overseen Penn’s multi-billion acquisition of fellow gaming firm Pinnacle Entertainment, in a $2.8bn deal, which completed in December 2017.

Of the smaller casino operators, Red Rock’s Richard Haskins leads the way, receiving over $5.12m in remuneration during 2017, while Golden Entertainment’s Blake Sartini and Elderado Resorts’ Gary Carano were paid $4m and $3.95m respectively.

The Equilar report analysed the salaries of 339 CEO’s of some of the biggest US based companies, of which only 17 were female, meaning that men still account for 95% of America’s top  CEO’s. America’s highest paid CEO was Hock Tan, CEO of communications company Broadcom, who received $103.2m in remuneration during 2017.

RELATED TAGS: Land-Based | Industry | Financial | Casino
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