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Published Monday, April 5, 2010 | 12:28 p.m.
Updated Monday, April 5, 2010 | 3:36 p.m.
Steve Wynn
Steve Wynn's compensation as chief executive of Wynn Resorts changed little in 2009 as the casino operator struggled in Las Vegas, according to a recent filing with the Securities and Exchange Commission.
Wynn's compensation totaled $8.39 million in 2009, compared with $8.45 million in 2008. Those numbers compare to the $11.2 million Wynn made in 2007, according to the filing.
The package included $2.95 million in salary, a $4.06 million cash bonus and $1.37 million in perks, mostly for personal use of a company aircraft. Wynn received no stock or options.
The Sun calculates total compensation based on an executive’s base salary, bonus, non-equity compensation, change in pension, all other compensation, options exercised and stocks vested. The Sun does not include stock and option awards until the stocks vest or options are exercised.
As of March 1, Wynn held more than 11 million shares in Wynn Resorts, the filing indicated. Last year, Steve Wynn held 24 million shares with his then-wife, Elaine Wynn, but the couple sold some shares and split the rest of their stake as they divorced. The divorce was final Jan. 5.
Chief Financial Officer Matt Maddox took home $8.9 million in 2009, according to Sun calculations, including a base salary of $780,000 and a bonus of $5.65 million, the highest bonus of executives listed in the filing. Wynn Resorts reported Maddox’s total compensation and cost to the company was $15 million in 2009, compared to $17.7 million in 2008.
Chief Operating Officer Marc Schorr received $5 million in compensation, according to Sun calculations. Schorr received a base salary of $1.8 million and a bonus of $2 million. Wynn Resorts reported his total compensation was $18.9 million in 2009, compared to $26 million in 2008.
Linda Chen, vice president of Wynn International marketing, brought home $2.8 million in 2009, while General Counsel and Secretary Kim Sinatra received $4.52 million, according to Sun calculations. Wynn Resorts reported Chen’s total compensation as $11.2 million and Sinatra’s as $10.5 million.
The Associated Press contributed to this report.
Steve, don't let that happen again, quit that job and find another one, walmart is looking for cashier and stockroom attendant, this is not acceptable.
Steve maybe YOU could share in the employee tips...that would help.
Don't hate the player, hate the game.
Does that figure take in to account the servants who take him around like FDR?
Wow, very little love for Steve today...
Who wants to hear about all the millions of dollars the Wynn group is making when most people don't even have a job or their monthly rent or mortgage payment..
Not sticking up for either side here, but the guy runs a huge company that makes money and earns what he is paid...Regardless how he pays his employees or not, they have the option to leave anytime, especially when the deal first went through..If the company is profitable, then he should get paid. I do agree that if companies go in the tank, then the CEO should tank as well. Most casino's, banks, auto companies, etc that are in the tank are still paying their CEO's bonus money - TOTALLY WRONG!! Make money as a corporation - get paid. Loose money as a corporation - no bonus, no increase, etc...That is business folks...
Whatever happened to the Golden Nugget wonder boys?
Are they hidden away somewhere?
Last I remember they worked for Wynn.
don't like how much he is paid?
go out and get a bunch of investors and start your own casino.
don't want to do that?
then shut up.
i LOVE rich people that CREATED something to get wealth.
It is facinating to see all the comments on here about how much he is paid. He built this empire, why should he be rewarded for his hard work. No, not every body can afford their own private jet, but if you want one, go make yourself one doing what Wynn did! hooloogoo, if you don't like your dividend checks, SELL THE STOCK!!!
I may not like everything that Boyd, Wynn and MGM do, but I invest in all of them, as they know how to turn things around and make money! See you in Vegas in May peeps!!!
HEY STEVE-O!!! Take some of that money and pay your Casino Floor Supervisors(Team Leaders or whatever) what you think they are worth instead of stealing your Dealers tip money to pay them!
Don't hate the player or the game. All these numbers sound reasonable to me. At least WYNN stock is at $80 or so and hasn't been totally clobbered like other gaming companies. Wynn is provided a decent amout of value to his shareholders.
Steve was compensated $2,950,000 in base salary with a BONUS of $4,060,000...
The CFO was compensated $780,000 in base salary with a BONUS of $5,650,000...
The COO was compensated $1,800,000 in base salary with a BONUS of $2,000,000...
...When a staff member recieves a TIP, that is considered a BONUS too, RIGHT ?
So this is why all those who don't practice what they preach always stay rich, and therefore if Steve-o were to do the moral and right thing upon his $4,060,000 TIP, that amount with the other CEO and COO TIPS should be placed in the share tip pool for the entire staff and floor supervisors to be evenly distributed....
I believe Wynn's entire staff and floor supervisors are missing out on their SHARED portion of the $11,710,000 the other three hogged up for themselves.
"Whatever happened to the Golden Nugget wonder boys? Are they hidden away somewhere? Last I remember they worked for Wynn."
I saw one of them at Encore in December and had a good conversation with him. He gave me his business card and told me to keep in touch. Seemed like a nice guy. I sent two follow-up emails and never heard back from him. Oh well.
The other one is frequently on earnings calls, but does not say much. I think they both spend a good deal of time in Macau. Not sure what it is exactly that they do.
The article said these figures were based on the Sun's calculuations. How correct are these figures and exactly how does the Sun calculate them?
WYNN stock in April 2009, about 30 bucks.
WYNN stock in April 2010, about 80 bucks.
I believe the company's market cap increased by over $5billion during that same time frame, so it seems to me as though Mr. Wynn has earned his bonus. He certainly knows how to build and run a nice hotel/casino.
Every casino operator should pay him a commission post Mirage.
Pure and simple, no Steve Wynn, no 2 decade long boom.
Thank you sir for the long run :)
Well said LVMD2020 - "Don't hate the player, hate the game."
Stop hating and start planning/ acting... Want to make 10mil a year, get an education and put your self in front of the right people and in the right places... Life is a big chess game - dont hate the players that have made the right moves...
"Don't HOPE to be lucky but rather POSITION yourself TO BE lucky" - Me
Steve Wynn does spread the wealth. I remember when he owned the Golden Nugget in Atlantic City. Because the casino made a large profit he GAVE each employee a new car.
Worth every penny.
Smart people run companies and make the most dollars
Dumb people work for people who are smart.
Simple, has never changed.
I have never worked for anyone.
I admire Wynn. I'm just sorry he didn't earn more.
Wynn earned it.
Steve, I'd be willing to relocate if you're hiring. Don't have any real casino experience, but I'd work hard. How about 250k and a company car to start!
I respect a successful businessman, be it Wynn on the high end or Stupak on the budget end (pre Stratosphere), or Ruffin somewhere in between, I love a winner!
And one cannot ignore the fact that everything Steve Wynn has built, starting with Mirage and TI have been the best of Las Vegas.