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Posted At : October 22, 2008 11:40 AM | Posted By : D McKee
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MGM Mirage,Harrah's
During the post-9/11 downturn, MGM Mirage didn't hesitate to sack employees by the 6,000 or so ... nor were its execs any more reluctant to take year-end bonuses, starting in the high six figures. Earlier this week, the company made headlines by eliminating bonuses on a company-wide basis. (A more-hedged version appeared on Associated Press wires.) It's certainly preferable to nix bonuses than nuke jobs (ditto MGM's decision to drop out of the Nevada Resort Association, thereby eliminating dues payments).
But is the pain really being felt all the way to the top, as the company claims? A recent litany of SEC filings offers a different narrative. On Oct. 8, MGM Mirage issued a slew of grants to execs, including CFO Daniel D'Arrigo, executive veep Aldo Manzini, diversity and community affairs chief Punam Mathur, design and construction supremo Bobby Baldwin, President James Murren and CEO J. Terrence Lanni.
The grants, which varied considerably in size, came in the form of employee stock appreciation rights (SARs) and restricted stock units. A week later, several executives opted to trade some of their SARs in for small numbers of restricted stock units, some of which vest as soon as July 1.
The latter, which aren't taxed until their exercise, can taken in the form of stock or cash upon the exercise date. Lanni, el queso grande, bestowed 26,250 upon himself, along with 10 times that number of SARs. As Fidelity Investments explains it, "The valuation of a [SAR] operates exactly like a stock option in that the employee benefits from any increases in stock price above the price set in the award. However, unlike an option, the employee is not required to pay an exercise price to exercise them, but simply receives the net amount of the increase in the stock price in either cash or shares of company stock, depending on plan rules." (emphasis added)
Pretty suite ... er, sweet, no? Who says Christmas doesn't come in July?
From the grapevine. Word going through the local media community is that Harrah's Entertainment is going to cut ad buys next year by 75%. I've asked the company about this but haven't (yet) heard back from HQ.
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