{"id":24163,"date":"2019-05-16T08:03:13","date_gmt":"2019-05-16T16:03:13","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=24163"},"modified":"2019-05-16T09:01:55","modified_gmt":"2019-05-16T17:01:55","slug":"the-age-of-austerity","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/the-age-of-austerity\/","title":{"rendered":"The age of austerity?"},"content":{"rendered":"

While Station Casinos<\/strong> CEO Frank Fertitta III<\/strong> won’t be mistaken for a pauper anytime soon, he’s the most restrained of Las Vegas<\/strong>‘ top six gaming CEOs<\/p>\n

\"\"when it comes to compensation. On top of his $1 million base salary, his compensation package grew by only $200K last year, putting him just under $2 million and at a 63-to-1 ratio to median Station employee pay. (As the 86% owner of Station, Fertitta benefits directly from good stock performance.) That might sound like a lot but it’s sackcloth and ashes compared to what other CEOs were making. True, Caesars Entertainment<\/strong>‘s compensation committee spanked then-CEO Mark Frissora<\/strong> by cutting his stock awards by almost $12 million, leaving him to eke out a living on $13 million (360-to-1).<\/p>\n

Leading those making out like bandits was Sheldon Adelson<\/strong>. The Las Vegas Sands<\/strong> high panjandrum enjoyed a 591-to-1 ratio, with $5 million in salary and $19 million in other compensation. Adelson’s Las Vegas Review-Journal<\/em> tried to spin the numbers<\/a> as a sign of austerity but most Americans would love to \"\"practice this kind of fiscal restraint. MGM Resorts International<\/strong> supremo Jim Murren<\/strong> took home $2 million in salary and nearly $11 million in other compensation (355-to-1). If MGM really wants to save money, perhaps it should look at its executive suite. Continuing to fail upwards, Wynn Resorts<\/strong> CEO Matt Maddox<\/strong> vaulted 4X from his 2016 salary to $17 million once stock awards and other compensation is added to his base pay of $2 million (387-to-1 sexually harassed employee). Maddox got dramatically fewer stock awards than in 2017, so there’s some justice on Wall Street<\/strong>.<\/p>\n

Rounding out the top six was Boyd Gaming<\/strong>‘s Keith Smith<\/strong>, who took home $1 million-plus in salary and almost $8 million in other compensation (315-to-1). Boyd, the only company to cooperate with the R-J<\/em> in the story, said that the ratio is misleading, as it doesn’t include tips, that bedrock of employee compensation in Vegas.<\/p>\n

* Big Gaming is rolling out the heavy artillery this week in Osaka<\/strong>. Vowing to spend over $10 billion on a megaresort (the required minimum is $8.5 billion), Melco Resorts & Entertainment<\/strong> CEO Lawrence Ho<\/strong> said he was “absolutely confident” his company held the winning hand. \u201cJapan<\/strong> is in a unique position, because we have the ability to learn from the mistakes made by others in the past and draw upon what\u2019s been learned by previous successful premium tourism ventures,\u201d said Ho while announcing a “City of the Future” concept<\/a> for Osaka.<\/p>\n

Not to be outdone, Marina Bay Sands<\/strong> CEO\u00a0George Tanasijevich<\/strong> said his parent company was “well-positioned” to make a run at Osaka. “We\u2019re the only operator that has active operation in the top three integrated resort \"\"markets in the world, and they\u2019re all distinctively different,\u201d he elaborated. Like Ho and MGM,\u00a0Tanasijevich was chary with details other than making a commitment to a Yameshima Island<\/strong> site. \u00a0As might be expected from anything involving Sheldon Adelson, the Sands rep said his company would be uncomfortable<\/a> with being a minority owner, even while it was interested in and soliciting participation from Japanese companies.\u00a0\u201cThat doesn\u2019t mean we have to be 100%. But where lies between 51% and 100%, I can\u2019t say at this point of time. It is going to depend upon what the partners and investors want, and what level of commitment they can make,\u201d Tanasijevich explained.<\/p>\n

* Caesars hasn’t even been sold yet but it’s already unloading assets. It cashed out its 70% stake in South Africa<\/strong>‘s Emerald Resort & Casino<\/strong> for a paltry $49 million. That won’t make a dent in Caesars’ corporate leverage but it does seem like a harbinger of retrenchment to come. This transaction is expected to close sometime this autumn.<\/p>\n

* “We will judge people by not what they say but by what they do. Because nobody likes to be betrayed,” warned Unite-Here<\/strong> President D. Taylor<\/strong>. His union and the Culinary Union<\/strong> are collecting<\/a> on Nevada<\/strong> Gov. Steve Sisolak<\/strong>‘s \"\"marker. Sisolak owes his election to a heavy Culinary push and, in return, the union would like to see state employees empowered to bargain collectively. “Supporters say the bill would give about 20,000 state workers such as prison guards, janitors and secretaries the ability to secure better wages and working conditions while curbing turnover … Republicans, conservatives and business groups opposing the legislation say it would be costly for the state and hamstring efforts to rein in costs during an economic downturn,” reports the Las Vegas Sun<\/em>. The Culinary wields a great deal of political muscle in Southern Nevada and it will difficult to tell it ‘no.’<\/p>\n","protected":false},"excerpt":{"rendered":"

While Station Casinos CEO Frank Fertitta III won’t be mistaken for a pauper anytime soon, he’s the most restrained of Las Vegas‘ top six gaming CEOs when it comes to compensation. On top of his $1 million base salary, his … 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":[60,244,151,22,171,241,94,222,245,33,12,57,196,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24163"}],"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=24163"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24163\/revisions"}],"predecessor-version":[{"id":24170,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24163\/revisions\/24170"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=24163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=24163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=24163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}