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Posted At : June 5, 2009 11:05 AM | Posted By : D McKee
Related Categories:
Station Casinos,Economy,Harrah's,MGM Mirage,Ameristar,Sheldon Adelson
In Business Las Vegas has crunched the numbers in its annual survey of Sin City's most highly paid executives. Not surprisingly, the list prominently features two companies -- Harrah's Entertainment and Station Casinos -- whose overpaid leadership has steered them into the ditch.
In terms of base salary, what's Station CEO Frank Fertitta III doing in the #2 spot, with $2.3 million? The guy must be a legend in his own mind if he thinks he warrants a higher wage than (then-) MGM Mirage CEO J. Terrence Lanni and Harrah's CEO Gary Loveman. (To say nothing of Las Vegas Sands doge Sheldon Adelson, a comparative pauper at $1.3 million.) You might question those gentlemen's business decisions, but they preside over companies far larger and more complex than Station.
Papa Frank belatedly realized he shouldn't have lent the boys the keys to the family car.
After stock-based compensation, bonuses, etc., were factored in, it was one big-ass payday at Harrah's, six of whose executives occupied the top 10. Even as their company groaned and crumpled under the weight of a spectacularly reckless LBO, and 9% of its workforce got the sack, these gentlemen carted home an aggregate $138.8 million. The dishonor roll includes CFO Jonathan Halkyard, regional presidents Carlos Tolosa, John Payne and Thomas Jenkin, and Vice Chairman Charles Atwood.
But even the best-remunerated of these (Tolosa, at $15.7 million) is a piker compared to Loveman's $92.3 million. They don't give pay packets like that at Harvard, do they? Loveman's tenure as Harrah's CEO looks increasingly like all-but-unmitigated reign of error but he's salting away enough wealth that his reputation need not concern him.
Former Harrah's exec John Boushy had a meeting of the minds (as in a head-butt) with colleagues at Ameristar Casinos, the result of which was that Boushy found himself on the street. But we should all be kicked to the curb so harshly: Boushy got $3 million -- including half a year's pay -- to take a hike. As walking-around money goes, that's not bad.
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Las Vegas?
No... musta been someplace downscale, like the 'Ritz-Carlton Central Park South', only $700/night and up.
(Don't want the Feds getting upset about companies wasting money in Vegas while they're firing janitors, right?)