{"id":15376,"date":"2015-01-21T14:55:08","date_gmt":"2015-01-21T22:55:08","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15376"},"modified":"2015-01-21T14:55:08","modified_gmt":"2015-01-21T22:55:08","slug":"new-chief-at-resorts-world-pay-cut-for-wynn","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/new-chief-at-resorts-world-pay-cut-for-wynn\/","title":{"rendered":"New chief at Resorts World; Pay cut for Wynn"},"content":{"rendered":"

In a change of horses that might kick-start development of dormant Resorts World Las Vegas<\/strong>, boss Christian Goode<\/strong> is out<\/a>, replaced by Gerald Gardner<\/strong>, a former top aide to \"Resorts<\/a>Nevada<\/strong> Gov. Brian Sandoval<\/strong>. The groundbreaking for the project has now been formally pushed back to sometime in 2Q15.\u00a0\u201cCreating something substantial that will be a draw to both locals and visitors alike is no easy feat, and we want to get it right,\u201d\u00a0Genting Group<\/strong> Vice President of Corporate Communications Michael Levoff<\/strong> said by way of explanation. He added that Genting has<\/em> been quietly at work on “utility relocation” and on the permitting process.<\/p>\n

Since Genting’s resort aspirations in Florida<\/strong> and New York<\/strong> have come a-cropper, the company will be bringing executives in from those states to oversee Las Vegas construction. (Ironically, Goode had been in charge of the abortive Resorts World Miami<\/strong>.) With $5 billion in cash on hand, liquidity is clearly not an issue with Genting’s hesitancy toward the Strip.<\/p>\n

\"Steve-Wynn-Chairman-of-the-Board-and-CEO-of-Wynn-Resorts-Limited-e1395978569748-1023x1023\"<\/a>* Steve Wynn<\/strong>‘s going to be having fewer zeroes on his paychecks<\/a>, as Wynn Resorts<\/strong> adopts a new executive-compensation formula oriented toward incentive-based pay. Wynn’s face salary drops from $4 million a year to $2.5 million, but he can make back the difference in equity<\/a>. Perhaps the most startling change is that Wynn will have to reimburse the company for use of its jets on personal jaunts, though even though that is watered down by a $250,000 annual credits. Wynn certainly doesn’t need to worry about job security: His employment contract has been extended through 2022.<\/p>\n

* Table games are such a hit in Maryland<\/strong> that both Horseshoe Baltimore<\/strong> and Maryland Live<\/strong> want more of them. Each casino proposes subtracting 300 slot machines from the floor. The Caesars Entertainment<\/strong> property would add 30 tables, for a total of 177. Cordish Gaming<\/strong>‘s Maryland Live wants to add 13 tables, upping its count to 202. The requests have been recommend for approval by the Lottery & Gaming Control Commission<\/strong>.\u00a0Leaving aside the matter of player preferences, table games bring in a revenue mix that’s more to a casino manager’s liking, being taxed at 20%, not the 60% levied upon slot machines. A consultant for the state has estimated that the state would make $498,000 less of Maryland Live but 260 grand more off of Horseshoe<\/a>. However, “community impact grants” for area policing and an employment center could suffer.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a change of horses that might kick-start development of dormant Resorts World Las Vegas, boss Christian Goode is out, replaced by Gerald Gardner, a former top aide to Nevada Gov. Brian Sandoval. The groundbreaking for the project has now … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,70,36,120,7,72,101,32,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15376"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=15376"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15376\/revisions"}],"predecessor-version":[{"id":15377,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15376\/revisions\/15377"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}