{"id":43,"date":"2009-06-05T16:05:00","date_gmt":"2009-06-05T20:05:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/6\/5\/Making-out-like-bandits"},"modified":"2009-06-05T16:05:00","modified_gmt":"2009-06-05T20:05:00","slug":"making-out-like-bandits","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/making-out-like-bandits\/","title":{"rendered":"Making out like bandits"},"content":{"rendered":"

In Business Las Vegas<\/em> has crunched the numbers in its annual survey of Sin City's most highly paid executives<\/a>. Not surprisingly, the list prominently features two companies — Harrah's Entertainment<\/strong> and Station Casinos<\/strong> — whose overpaid leadership has steered them into the ditch.<\/p>\n

In terms of base salary, what's Station CEO Frank Fertitta III<\/strong> 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<\/strong> CEO J. Terrence Lanni<\/strong> and Harrah's CEO Gary Loveman<\/strong>. (To say nothing of Las Vegas Sands<\/strong> doge Sheldon Adelson<\/strong>, 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.<\/p>\n

\"\"<\/p>\n

Papa Frank belatedly realized he shouldn't have lent the boys the keys to the family car.<\/em><\/p>\n

After stock-based compensation, bonuses, etc., were factored in, it was one big-ass payday<\/strong> 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<\/strong>, regional presidents Carlos Tolosa<\/strong>, John Payne<\/strong> and Thomas Jenkin<\/strong>, and Vice Chairman Charles Atwood<\/strong>.<\/p>\n

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.<\/p>\n

Former Harrah's exec John Boushy<\/strong> had a meeting of the minds (as in a head-butt) with colleagues at Ameristar Casinos<\/strong>, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … 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":[40,14,7,11,12,57],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/43"}],"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=43"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/43\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=43"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=43"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=43"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}