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July 29, 2014

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Steve Wynn gets annual salary boost of $1 million

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Steve Wynn

Wynn Resorts CEO Steve Wynn has received an annual salary increase of about $1 million, according to a regulatory filing today.

Wynn’s base salary was increased to $4 million, the filing indicated. The change was effective Feb. 24.

The casino owner received a base salary of $2.95 million in 2009 and was expected to receive the same in 2010, according to a regulatory filing in April 2010. Wynn Resorts’ 2010 proxy statement with employee salaries hasn't yet been released.

In 2009, Wynn's compensation totaled $8.39 million, compared to $8.45 million in 2008, the April 2010 filing indicated. Those numbers compare to the $11.2 million Wynn made in 2007.

The package included a $2.95 million base 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.

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  1. What recession?

  2. Good for him. He earns it.

  3. LOL ! its just a shell game he's just moving his own money around even though it's still a publicly traded company, I am sure there is a financial reason behind it.

  4. Leave Steve Wynn alone! That's how he rolls!

  5. Gee Steve, it wasn't to long ago that you were on FOX NEWS whining like a stuck pig about how Obama was anti-business...doesn't look like you have suffered too much.

    The CEO of Toyota makes about $1 to $2 Million, for running a company 150 times larger.

    Time to raise taxes on gambling casinos and put in a Nevada State income tax of those making over $300k a year.

  6. He's done a great job for his company! He deserves every penny....

  7. Typical Mred. Always looking for someone else to pay the taxes for his way of life.

    Mr. Wynn put up Billions of his money to build that company, he deserves the pay. He also employees Thousands of people in this town.

    What have you done for Vegas Mr. Mred?

  8. He definitely put up many millions of his own money, though I'm not so sure about it being billions.

  9. A non-story. This is in line with what he's been making over the last five years or so. He is extremely good at what he does. Have to give him high marks in what he has done to weather the Bush Depression. Besides, to the extent he is making more, how do expect the man to pay for all that bling for the fiance without a raise?

  10. Gee, Steve, I guess Obama's America isn't all THAT bad.

  11. Yeah Michael, it ain't that bad because since Obama caved in to the Republicans and didn't raise the top marginal federal income tax rate back up to what it was under Clinton, 39.6% (from the 35% it is now), Mr. Wynn saved 4.6% times $1,000,000 or $46,000 in federal income taxes on this raise.

  12. And Wynn's company is making its money in China, not the U.S. If it was US only, Wynn would be another Harrah's....

  13. Erwin, Or another way to look at it, Mr. Wynn gets to pay $350,000 in federal taxes on that million.
    Wynn has always run a top notch company. I'd rather see him get the benefit of his company's success than to see all of the so called chairities paying their management hundreds of thousands in salary while they pressure us for donations.
    Wynn provides thousands of jobs.
    I hope the Wynn Resort Company is even more successful next year!

  14. Steve Wynn is out for Wynn. Las Vegas is just a wide spot in the road to Salt Lake City that earns him untaxed income.

    Clark County pays for the airports, the police, fire, etc.; Nevada pays for the roads, the infrastructure and Steve Wynn rakes in the untaxed income for himself and lowers the net income of his hotels to ZERO.

    This is called "Corporate Welfare". Nevada exists for Steve Wynn. Keep cheering.

  15. "Mr. Wynn gets to pay $350,000 in federal taxes on that million."

    No. The wealthy have so many tax shelters, tax dodges and umbrellas that the net taxable income may only be 5% of the gross amount. People who work for a living do not make the money that entitles them to large tax umbrellas, like buying up investment property for cash.

    It's more likely that Wynn pays less than $20,000 Federal tax. He complains about Obama because he DOES NOT WANT TO PAY ANY TAX, not even $20,000 on $1,000,000 income. This is what makes wealthy people - keeping the first nickel they ever made in a Golden shrine.

  16. Jon, you have a point but you are obscuring the issue, the benefits of tax shelters went out in the 1980's with the enactment of the "at-risk" provisions and passive activity loss limitation provisions of the Internal Revenue Code. Now, I grant you, the wealthy still have a myriad of ways to evade and avoid taxes. The correct response to my friend Bakersfield would be to say, "Wynn Resorts, Inc. is a C Corporation and therefore taxable income in excess of $18,333,333 is taxed at a flat 35% rate. So if Steve Wynn gets a $1,000,000 raise, Wynn Resorts gets a $1,000,000 deduction and pays $350,000 less in taxes. Steve Wynn, who I am willing to bet you, is in the top individual bracket at 35%, will pay $350,000 in additional taxes on the raise." Another words the transaction is revenue neutral to the federal treasury. My point to Joe was that the rate structure should be more progressive for the higher earners, paying top rate at 39.6% as under Bill Clinton vs. 35% now is not going to cause someone like Steve Wynn to work, earn less, hire fewer people, etc. So as not to be accused of engaging in class warfare I leave you with a quote from one of my favorite billionaire capitalists, Warren Buffet: "There's class warfare alright, but it's my class, the rich class, that's making war, and we're winning."

  17. Erwin, I would have no problem at all if they took the high earner bracket to 39.6%. It certainly wouldn't affect my taxes, I can only wish it did! I also know that at those levels, the alternative minimum tax negates the benefits of some shelters.
    I guess unless his tax return is public, we will never know, and as a private citizen, his personal business is his, not ours.
    Yes it is true that a lot of personal expenses of the rich get swept onto the business books for a lot of wealthy people (cars, phones, vacations, gardening services for residence, more cars, etc.), while us workers pay with after tax dollars for all of that. Not saying Wynn does that, just saying I know of those who do.

  18. Good for you Steve!

  19. Well said BChap!

  20. Good for Steve! I was afraid he might not be able to pay his rent or put food on the table this year..... Talk about the LEAST needful person in town getting a boost in this economy!

  21. Jon, well said. If Wynn's and his entire empire leaves town tomorrow it will be no big deal. Taxpayers are saddled with all the costs of getting the players into town with no longer enough of a public financial return to support their Welfare Rip-Off.
    Tax Them for the services they and their employees
    require or push them out of town. They are no different from Wal-Mart training their employees in filling out Medicaid and Welfare forms.