The List: Highest-Paid Executives of Publicly Reporting Companies
Fri, May 28, 2010 (1:41 p.m.)
Executive Pay: A Primer
When the Securities and Exchange Commission changed reporting requirements for executive pay a couple of years ago, it made our task of reporting on these numbers simultaneously easier and more difficult. There are now two numbers to report for each executive: The actual take-home pay, before taxes, of the executive and the amount charged against the companies’ books.
The summary tables found in the companies’ annual filings only report the latter number directly, the objective being to show how much the company spent on executive compensation.
Few companies are making standard bonus payments; instead, performance-based bonuses are reported under the incentive plan compensation column.
All other compensation includes a variety of items ranging from private use of company vehicles to life insurance contributions to stays in a company’s hotels for personal reasons, just to name a few. These payments vary widely, depending on the executive’s employment agreement.
If we look at this year’s second highest-paid executive on our list, Matt Maddox, CFO of Wynn Resorts, we see a base salary of $779,988, a bonus of $5.65 million, $8.3 million in option awards, no incentive plan compensation, no change in deferred compensation and $248,067 in other compensation. Other compensation in Maddox’s case includes $8,067 in life insurance premiums, merchandise discounts and 401(k) employer matching contributions and $240,000 of accrued cash distributions related to unvested restricted stock. The total the company paid for Maddox’s services during the fiscal year ended Dec. 31 was $15 million.
But that amount is not what Maddox actually took home (before taxes) during the year. The stock and option awards do not represent actual money awarded to Maddox until the stocks vest or he chooses to exercise his options. At that point, the value realized from the sale of restricted stock or exercise of options becomes real money to him. During the 2009 fiscal year, Maddox realized a gain of $658,313 on the exercise of options.
To calculate accurate compensation as it relates to the executive, we always deduct any stock and option awards and add in value realized from exercises of options and vesting of restricted stocks. So the total compensation column on our list is arrived at as follows: Salary + bonus + nonequity incentive plan compensation + change in value of pension and nonqualified deferred compensation + all other compensation. For space reasons, we cannot break out all of these numbers; so we’ve chosen to report total compensation, base salary and cost to the company.
Ranked by total compensation for most recent completed fiscal year
Name | Total compensation | Salary | Cost to company | |
1 |
Steve Wynn CEO-Wynn Resorts |
$8.4 million | $3 million | $8.4 million |
2 |
Matt Maddox CFO-Wynn Resorts |
$7.3 million | $779,988 | $15 million |
3 |
Jim Murren CEO, president, COO-MGM Mirage |
$6.7 million | $2 million | $13.8 million |
4 |
Marc Schorr COO-Wynn Resorts |
$6.5 million | $1.8 million | $18.9 million |
5 |
Gary Loveman president, CEO-Harrah's Entertainment |
$6 million | $1.9 million | $6 million |
6 |
Richard Haddrill president, CEO-Bally Technologies |
$4.8 million | $998,000 | $3.2 million |
7 |
Dan Lee former CEO-Pinnacle Entertainment |
$4.5 million | $865,385 | $4.5 million |
8 |
Kim Sinatra general counsel-Wynn Resorts |
$4.5 million | $535,582 | $10.5 million |
9 |
Gary Jacobs EVP, general counsel-MGM Mirage |
$4 million | $836,154 | $7 million |
10 |
Sheldon Adelson CEO-Las Vegas Sands Corp. |
$3.7 million | $1 million | $5.6 million |
11 |
Bobby Baldwin chief design and construction officer-MGM Mirage |
$3.5 million | $1.5 million | $5.1 million |
12 |
Linda Chen president-Wynn International Marketing |
$2.8 million | $951,701 | $11.2 million |
13 |
Frank Fertitta III CEO-Station Casinos |
$2.6 million | $2.3 million | $2.6 million |
14 |
Scott Butera president, CEO-Tropicana Entertainment |
$2.2 million | $1.1 million | $2.2 million |
15 |
Gordon Kanofsky CEO-Ameristar Casinos |
$2.1 million | $750,000 | $3.8 million |
16 |
Bill Boyd chairman-Boyd Gaming Corp. |
$2 million | $1 million | $2.8 million |
17 |
Michael Leven president, COO-Las Vegas Sands Corp. |
$2 million | $1.6 million | $4.4 million |
18 |
Thomas Jenkin president Western Division-Harrah's Entertainment |
$2 million | $1.2 million | $2.1 million |
19 |
J. Carlos Tolosa president Eastern Division-Harrah's Entertainment |
$1.9 million | $1 million | $1.9 million |
20 |
Ray Neilsen chairman-Ameristar Casinos |
$1.9 million | $575,000 | $2.9 million |
21 |
John Payne president Central Division-Harrah's Entertainment |
$1.8 million | $887,645 | $1.8 million |
22 |
Patti Hart president, CEO-International Game Technology |
$1.7 million | $393,846 | $3.1 million |
23 |
Michael Isaacs EVP, COO-Bally Technologies |
$1.7 million | $545,000 | $1.8 million |
24 |
Robert Boughner EVP and chief business development officer/CEO, president of Echelon Resorts Corp.-Boyd Gaming Corp. |
$1.7 million | $1.1 million | $2.6 million |
25 |
Larry Hodges president, COO-Ameristar Casinos |
$1.6 million | $550,000 | $2.6 million |
26 |
Peter Walsh SVP, general counsel, chief administrative officer-Ameristar Casinos |
$1.6 million | $500,000 | $2.1 million |
27 |
Jeffrey Shaw CEO-Southwest Gas Corp. |
$1.6 million | $654,521 | $2.6 million |
28 |
Michael Yackira president, CEO-NV Energy |
$1.4 million | $730,000 | $4.5 million |
29 |
Steven Jacobs CEO Sands China-Las Vegas Sands Corp. |
$1.4 million | $870,350 | $5.6 million |
30 |
Rob Goldstein EVP-Las Vegas Sands Corp. |
$1.4 million | $1.2 million | $4.9 million |
31 |
Dudley Sondeno SVP, chief knowledge and technology officer-Southwest Gas Corp. |
$1.3 million | $280,899 | $1.1 million |
32 |
Ramesh Srinivasan EVP Bally Systems-Bally Technologies |
$1.2 million | $327,788 | $980,713 |
33 |
Kenneth Kay SVP, CFO-Las Vegas Sands Corp. |
$1.2 million | $916,667 | $2.1 million |
34 |
Farid Suleman CEO-Citadel Broadcasting Corp. |
$1.1 million | $1.1 million | $1.1 million |
35 |
William Westerman late, former president, CEO-Riviera Holdings |
$1.1 million | $1 million | $1.2 million |
36 |
Andrew Levy CFO, planning director-Allegiant Travel Co. |
$1.1 million | $205,833 | $3.8 million |
37 |
Kevin Kelley EVP, COO-Station Casinos |
$1.1 million | $1 million | $1.3 million |
38 |
Daniel D’Arrigo EVP, CFO-MGM Mirage |
$1.1 million | $500,000 | $1.3 million |
39 |
Roger Smith president, CEO-OBN Holdings |
$1.1 million | $150,000 | $1.1 million |
40 |
Paul Chakmak COO, EVP-Boyd Gaming Corp. |
$1 million | $675,000 | $2 million |
41 |
Thomas Steinbauer SVP, CFO-Ameristar Casinos |
$1 million | $425,000 | $1.7 million |
42 |
Troy Herbst CEO-Herbst Gaming |
$992,822 | $992,822 | $992,822 |
43 |
Jonathan Halkyard SVP, CFO-Harrah's Entertainment |
$981,208 | $605,731 | $981,208 |
44 |
Stephen Capp EVP, CFO-Pinnacle Entertainment |
$964,025 | $500,000 | $957,245 |
45 |
Robert Selwood EVP, chief accounting officer-MGM Mirage |
$942,030 | $439,286 | $1.2 million |
46 |
Frank Riolo CEO-American Casino & Entertainment Properties |
$930,666 | $623,077 | $930,666 |
47 |
Scott Nielson EVP, chief development officer-Station Casinos |
$929,424 | $864,000 | $1.1 million |
48 |
Larry Taylor CFO-OBN Holdings |
$900,000 | $150,000 | $900,000 |
49 |
James Kane president-Southwest Gas Corp. |
$892,316 | $417,893 | $1.4 million |
50 |
Scott Betts principal executive officer-Global Cash Access Holdings |
$862,892 | $575,754 | $1.7 million |
51 |
Sean Higgins general counsel-Herbst Gaming |
$824,916 | $536,091 | $824,916 |
52 |
Mary Higgins CFO-Herbst Gaming |
$806,077 | $536,877 | $806,077 |
53 |
John Godfrey EVP, general counsel-Pinnacle Entertainment |
$789,991 | $425,000 | $783,532 |
54 |
Paul Lowden president, CEO-Archon Corp. |
$782,896 | $550,000 | $784,843 |
55 |
Carlos Ruisanchez EVP strategic planning and development-Pinnacle Entertainment |
$781,582 | $425,000 | $781,582 |
56 |
George Biehl EVP, CFO-Southwest Gas Corp. |
$780,568 | $379,622 | $1.3 million |
57 |
Alain Uboldi COO-Pinnacle Entertainment |
$741,456 | $425,000 | $829,224 |
58 |
Richard Haskins EVP, general counsel-Station Casinos |
$741,092 | $594,000 | $812,301 |
59 |
Peter Cunningham COE-Gamma Pharmaceuticals |
$717,771 | $164,667 | $859,521 |
60 |
Robert Yee former COO-Tropicana Entertainment |
$712,712 | $522,712 | $712,712 |
61 |
Hao Zhang chief marketing officer-Gamma Pharmaceuticals |
$689,243 | $155,250 | $760,118 |
62 |
George Gresham principal financial officer-Global Cash Access Holdings |
$626,360 | $375,000 | $748,360 |
63 |
Robert Sarver president, CEO-Western Alliance Bancorp |
$623,169 | $597,141 | $1 million |
64 |
Jeffrey Ceccarelli SVP service delivery and operations-NV Energy |
$616,645 | $383,000 | $1.6 million |
65 |
Paul Kaleta SVP, general counsel-NV Energy |
$578,564 | $381,154 | $1.6 million |
66 |
Mark Ellis EVP technology and development-Global Cash Access Holdings |
$570,406 | $275,000 | $692,406 |
68 |
Timothy Herbst EVP-Herbst Gaming |
$567,211 | $567,211 | $567,211 |
67 |
Edward Herbst EVP-Herbst Gaming |
$567,211 | $567,211 | $567,211 |
69 |
Roberto Denis SVP generation and energy supply-NV Energy |
$563,038 | $360,000 | $1.6 million |
70 |
Josh Hirsberg SVP, CFO-Boyd Gaming Corp. |
$557,441 | $435,000 | $748,299 |
71 |
Robert Caller EVP, CFO-Bally Technologies |
$550,285 | $357,596 | $1.1 million |
72 |
Kathryn Lever EVP, general counsel-Global Cash Access Holdings |
$538,285 | $285,000 | $617,145 |
73 |
Edward W. Martin III CFO-American Casino & Entertainment Properties |
$537,047 | $323,077 | $537,047 |
74 |
John Gibson CEO-American Pacific Corp. |
$522,961 | $495,045 | $2.5 million |
75 |
Steven Lazarus EVP sales-Global Cash Access Holdings |
$511,000 | $300,000 | $621,033 |
76 |
Andre Hilliou CEO-Full House Resorts |
$504,153 | $288,750 | $586,653 |
77 |
Mark Miller EVP, CFO, COO-Full House Resorts |
$499,353 | $288,750 | $537,853 |
78 |
William Rogers CFO-NV Energy |
$489,955 | $435,000 | $1.6 million |
79 |
Judith Ellis COO-Citadel Broadcasting Corp. |
$479,907 | $477,084 | $477,174 |
80 |
Thomas Friel EVP, chief accounting officer-Station Casinos |
$468,990 | $450,000 | $532,929 |
81 |
Robert Vanucci president, COO Riviera Operating Corp.-Riviera Holdings |
$461,234 | $400,000 | $461,234 |
82 |
Scott Sheldon principal accounting officer-Allegiant Travel Co. |
$432,221 | $120,000 | $660,134 |
83 |
John Hester SVP regulatory affairs and energy resources-Southwest Gas Corp. |
$431,507 | $253,390 | $836,590 |
84 |
Evan Ahern EVP, CIO-Ahern Rentals |
$423,077 | $298,077 | $423,077 |
85 |
Peter Murphy president strategy and development-Harrah's Entertainment |
$415,780 | $225,962 | $2.3 million |
86 |
Joseph Carleone president, COO-American Pacific Corp. |
$414,617 | $395,025 | $1 million |
87 |
Mark Lerner SVP, general counsel-Bally Technologies |
$404,796 | $262,731 | $524,761 |
88 |
Merrill Wall EVP, chief administrative officer-Western Alliance Bancorp |
$382,301 | $290,096 | $392,561 |
89 |
Stanley Palmer SVP, chief human resources officer-Tropicana Entertainment |
$380,192 | $320,192 | $380,192 |
90 |
Tullio Marchionne general counsel-Riviera Holdings |
$351,114 | $250,000 | $351,114 |
91 |
David Ross COO gaming-Herbst Gaming |
$350,700 | $350,700 | $350,700 |
92 |
Gregory Gronau president, CEO-Gaming Partners International |
$349,894 | $264,423 | $926,539 |
93 |
Randy Taylor VP of finance-Citadel Broadcasting Corp. |
$338,445 | $337,000 | $337,090 |
94 |
Paul Hobson GM Aquarius-American Casino & Entertainment Properties |
$337,448 | $178,365 | $337,448 |
95 |
Dale Gibbons EVP, CFO-Western Alliance Bancorp |
$334,302 | $311,539 | $457,902 |
96 |
Jacquelyn Orr VP, general counsel-Citadel Broadcasting Corp. |
$327,116 | $324,948 | $325,038 |
97 |
Richard Baldwin former VP, CFO-Tropicana Entertainment |
$323,519 | $297,269 | $323,519 |
98 |
M. Ponder Harrison managing director, marketing and sales-Allegiant Travel Co. |
$317,292 | $167,292 | $917,627 |
99 |
Bruce Hendricks CEO Bank of Nevada-Western Alliance Bancorp |
$315,151 | $275,192 | $377,508 |
100 |
Todd Greenberg SVP, chief strategy officer-Tropicana Entertainment |
$310,385 | $260,385 | $310,385 |
101 |
Steven Strasser CEO-Power Efficiency Corp. |
$307,730 | $307,730 | $307,730 |
102 |
Gary Gregg COO-155 East Tropicana |
$301,445 | $300,000 | $301,445 |
103 |
Arnold Boswell CFO-Hard Rock Hotel Holdings |
$301,285 | $265,000 | $291,004 |
104 |
Ronald Lurie EVP, GM Arizona Charlie’s Decatur-American Casino & Entertainment Properties |
$297,867 | $259,614 | $297,867 |
105 |
Howard Brown CFO-Ahern Rentals |
$280,000 | $180,000 | $280,000 |
106 |
Michael Hessling president-155 East Tropicana |
$276,445 | $275,000 | $276,445 |
107 |
Phillip Simons CFO, EVP finance-Riviera Holdings |
$255,774 | $200,000 | $255,774 |
108 |
Brian Grees VP planning and analysis-American Casino & Entertainment Properties |
$255,024 | $155,769 | $255,024 |
109 |
Aslam Malik president Ampac Fine Chemicals-American Pacific Corp. |
$253,807 | $251,849 | $356,784 |
110 |
William Scott IV SVP, deputy general counsel-MGM Mirage |
$253,753 | $152,528 | $1.9 million |
111 |
Laura McAllister Cox chief legal and gaming compliance officer-Gaming Partners International |
$252,849 | $210,000 | $252,849 |
112 |
John Hohman COO-American Post Tension |
$250,000 | $250,000 | $250,000 |
113 |
John Giovenco Interim CEO-Pinnacle Entertainment |
$242,051 | $223,982 | $720,061 |
114 |
David Grimes CFO-Gaming Partners International |
$235,679 | $189,000 | $235,679 |
115 |
Linda Ferguson VP administration-American Pacific Corp. |
$229,988 | $210,738 | $825,204 |
116 |
Dana Kelley VP, CFO-American Pacific Corp. |
$227,841 | $210,738 | $413,494 |
117 |
T. Wesley Elam VP operations and project management-Full House Resorts |
$227,545 | $216,295 | $241,545 |
118 |
Richard Hannigan president, CEO-Voyager Entertainment International |
$220,000 | $0 | $220,000 |
119 |
Victor Salerno CEO, president, COO-American Wagering |
$219,287 | $203,689 | $219,287 |
120 |
Matthew Schissler CEO-Cord Blood |
$215,086 | $165,586 | $3.6 million |
121 |
D. Kirk Hartle SVP finance and treasurer-Ahern Rentals |
$212,500 | $170,000 | $212,500 |
122 |
Myong Hannigan secretary-Voyager Entertainment International |
$210,000 | $0 | $210,000 |
123 |
Maurice Gallagher Jr. president, CEO-Allegiant Travel Co. |
$200,000 | $0 | $500,168 |
124 |
Patricia Stratford SVP of finance and administration-Citadel Broadcasting Corp. |
$192,043 | $190,833 | $190,923 |
125 |
Bruce Dewing president AWIG-American Wagering |
$180,716 | $168,923 | $224,326 |
126 |
Melody Sullivan CFO-American Wagering |
$180,277 | $178,615 | $185,650 |
127 |
John Lackland CFO, COO-Power Efficiency Corp. |
$177,037 | $177,037 | $177,037 |
128 |
Deborah Pierce CFO-155 East Tropicana |
$173,105 | $170,887 | $173,105 |
129 |
Terry Howlett president, CEO-Skinvisible Pharmaceuticals |
$160,000 | $160,000 | $235,304 |
130 |
William O’Hara COO-Galaxy Gaming |
$159,255 | $150,000 | $159,255 |
131 |
Ronald Boreta president, CEO-All-American Sportpark |
$149,919 | $120,000 | $149,919 |
132 |
Suzanne Lowden EVP-Archon Corp. |
$144,472 | $138,000 | $144,830 |
133 |
Joseph Vicente COO-Cord Blood |
$134,748 | $112,848 | $1.8 million |
136 |
Anders Suarez CFO-Amerityre Corp. |
$120,000 | $120,000 | $140,831 |
135 |
Joseph Cosio-Barron legal-Liberty Capital Asset Management |
$120,000 | $120,000 | $120,000 |
134 |
Michael Barron CEO-Liberty Capital Asset Management |
$120,000 | $120,000 | $120,000 |
137 |
Grant Siler principal financial officer-Archon Corp. |
$114,098 | $113,840 | $114,680 |
138 |
Cynthia Cameron VP human resources-155 East Tropicana |
$113,418 | $112,645 | $113,418 |
139 |
Timothy Lotspeich SVP risk management and transportation-Ahern Rentals |
$110,000 | $100,000 | $110,000 |
Source: The companies filings with the Securities and Exchange Commission and In Business Las Vegas research
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