Gaming execs saw salary cuts as economy tumbled

By Amanda Finnegan

Thursday, April 30, 2009 | 4:43 p.m.

Regulatory filings released today for two Las Vegas gaming companies show that while the economy has taken a toll on casino operators, gaming companies are reporting lower salaries for their top executives.

Both Las Vegas Sands and Station Casinos cited lower compensation packages for executives, two Securities and Exchange Commission filings showed.

Las Vegas Sands CEO and Chairman Sheldon Adelson made $1,572,435 in 2008 compared to the $3,435,896 he made in 2007. Adelson earned a base salary of $1 million and received $293,301 in option awards, the same as in 2007 and 2006, but he received $1.9 million in bonuses in 2007. He didn’t receive a bonus in 2008.

Adelson holds 30.1 percent of the company's outstanding shares, or nearly 198 million shares. With his wife, Miriam, he owns or controls a total of 52 percent of the company's stock.

Shares of Las Vegas Sands dropped from $100.32 on Jan. 2, 2008, to $5.93 on Dec. 30, making Adelson's stake worth $1.17 billion as of the end of last year. The stock has risen since then, closing Thursday at $7.82.

Former President and Chief Operating Officer William Weidner earned $3,270,542 in 2008 compared to $4,458,342 in 2007. Brad Stone, the Las Vegas Sands vice president who left shortly after Weidner’s departure, earned $2,980,484 in 2008 compared to $3,662,471 in 2007. Both Stone and Weidner’s base salary was $1 million.

Weidner’s replacement, Michael Leven, will receive a base salary of $2 million in 2009 and will be eligible to receive an annual bonus of $1 million based on performance.

Station Casinos also reported 2008 compensation numbers today.

Chairman and CEO Frank Fertitta III earned $3,378,231 in 2008 compared to the $5,072,605 he made in 2007. Fertitta received a base salary of $2,250,000 in 2008 compared to $2,287,500 in 2007.

Vice Chairman and Former President Lorenzo Fertitta made $1,171,149 in 2008 compared to $2,594,083 in 2007. Lorenzo Fertitta received a base salary of $868,500 in 2008 compared to $1,768,500 in 2007.

The Associated Press contributed to this report.