Proxy statement outlines executives’ pay

Monday, April 11, 2005 | 10:43 a.m.

Top executives at Wynn Resorts Ltd. earned salaries worth $5 million and performance bonuses worth $5.3 million, according to a proxy statement sent to shareholders.

Steve Wynn earned a salary of $1.8 million and a bonus of $2.7 million last year. Wynn Resorts President Ronald Kramer reported a salary of $1.2 million and a bonus of $1.2 million. Chief Operating Officer Marc Schorr reported a salary and bonus of $1 million each. Chief Financial Officer John Strzemp reported a salary of $509,000 and a bonus of $175,000. Linda Chen, president of Wynn International Marketing LLC, reported a salary of $500,000 and a bonus of $250,000.

Wynn's performance bonus last year included an additional discretionary bonus worth $548,074 "in recognition of the significant appreciation in the per share market value of the company's common stock."

Without any operating profit, Wynn Resorts shares rose 139 percent last year. The company's Wynn Las Vegas megaresort is scheduled to open April 28.

Most of the executives have five-year employment agreements that took effect October 25, 2002, the date of the company's initial public offering.

None of the executives received stock options last year. Kramer and Schorr each had 50,000 share options available to exercise by year-end, while Strzemp and Chen each have 25,000 shares available to exercise.