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The List: Highest-Paid Executives of Publicly Reporting Companies

Fri, May 28, 2010 (1:41 p.m.)

Executive Pay: A Primer

When the Securities and Exchange Commission changed reporting requirements for executive pay a couple of years ago, it made our task of reporting on these numbers simultaneously easier and more difficult. There are now two numbers to report for each executive: The actual take-home pay, before taxes, of the executive and the amount charged against the companies’ books.

The summary tables found in the companies’ annual filings only report the latter number directly, the objective being to show how much the company spent on executive compensation.

Few companies are making standard bonus payments; instead, performance-based bonuses are reported under the incentive plan compensation column.

All other compensation includes a variety of items ranging from private use of company vehicles to life insurance contributions to stays in a company’s hotels for personal reasons, just to name a few. These payments vary widely, depending on the executive’s employment agreement.

If we look at this year’s second highest-paid executive on our list, Matt Maddox, CFO of Wynn Resorts, we see a base salary of $779,988, a bonus of $5.65 million, $8.3 million in option awards, no incentive plan compensation, no change in deferred compensation and $248,067 in other compensation. Other compensation in Maddox’s case includes $8,067 in life insurance premiums, merchandise discounts and 401(k) employer matching contributions and $240,000 of accrued cash distributions related to unvested restricted stock. The total the company paid for Maddox’s services during the fiscal year ended Dec. 31 was $15 million.

But that amount is not what Maddox actually took home (before taxes) during the year. The stock and option awards do not represent actual money awarded to Maddox until the stocks vest or he chooses to exercise his options. At that point, the value realized from the sale of restricted stock or exercise of options becomes real money to him. During the 2009 fiscal year, Maddox realized a gain of $658,313 on the exercise of options.

To calculate accurate compensation as it relates to the executive, we always deduct any stock and option awards and add in value realized from exercises of options and vesting of restricted stocks. So the total compensation column on our list is arrived at as follows: Salary + bonus + nonequity incentive plan compensation + change in value of pension and nonqualified deferred compensation + all other compensation. For space reasons, we cannot break out all of these numbers; so we’ve chosen to report total compensation, base salary and cost to the company.

Ranked by total compensation for most recent completed fiscal year

Name Total compensation Salary Cost to company
1
Steve Wynn
CEO-Wynn Resorts
$8.4 million $3 million $8.4 million
2
Matt Maddox
CFO-Wynn Resorts
$7.3 million $779,988 $15 million
3
Jim Murren
CEO, president, COO-MGM Mirage
$6.7 million $2 million $13.8 million
4
Marc Schorr
COO-Wynn Resorts
$6.5 million $1.8 million $18.9 million
5
Gary Loveman
president, CEO-Harrah's Entertainment
$6 million $1.9 million $6 million
6
Richard Haddrill
president, CEO-Bally Technologies
$4.8 million $998,000 $3.2 million
7
Dan Lee
former CEO-Pinnacle Entertainment
$4.5 million $865,385 $4.5 million
8
Kim Sinatra
general counsel-Wynn Resorts
$4.5 million $535,582 $10.5 million
9
Gary Jacobs
EVP, general counsel-MGM Mirage
$4 million $836,154 $7 million
10
Sheldon Adelson
CEO-Las Vegas Sands Corp.
$3.7 million $1 million $5.6 million
11
Bobby Baldwin
chief design and construction officer-MGM Mirage
$3.5 million $1.5 million $5.1 million
12
Linda Chen
president-Wynn International Marketing
$2.8 million $951,701 $11.2 million
13
Frank Fertitta III
CEO-Station Casinos
$2.6 million $2.3 million $2.6 million
14
Scott Butera
president, CEO-Tropicana Entertainment
$2.2 million $1.1 million $2.2 million
15
Gordon Kanofsky
CEO-Ameristar Casinos
$2.1 million $750,000 $3.8 million
16
Bill Boyd
chairman-Boyd Gaming Corp.
$2 million $1 million $2.8 million
17
Michael Leven
president, COO-Las Vegas Sands Corp.
$2 million $1.6 million $4.4 million
18
Thomas Jenkin
president Western Division-Harrah's Entertainment
$2 million $1.2 million $2.1 million
19
J. Carlos Tolosa
president Eastern Division-Harrah's Entertainment
$1.9 million $1 million $1.9 million
20
Ray Neilsen
chairman-Ameristar Casinos
$1.9 million $575,000 $2.9 million
21
John Payne
president Central Division-Harrah's Entertainment
$1.8 million $887,645 $1.8 million
22
Patti Hart
president, CEO-International Game Technology
$1.7 million $393,846 $3.1 million
23
Michael Isaacs
EVP, COO-Bally Technologies
$1.7 million $545,000 $1.8 million
24
Robert Boughner
EVP and chief business development officer/CEO, president of Echelon Resorts Corp.-Boyd Gaming Corp.
$1.7 million $1.1 million $2.6 million
25
Larry Hodges
president, COO-Ameristar Casinos
$1.6 million $550,000 $2.6 million
26
Peter Walsh
SVP, general counsel, chief administrative officer-Ameristar Casinos
$1.6 million $500,000 $2.1 million
27
Jeffrey Shaw
CEO-Southwest Gas Corp.
$1.6 million $654,521 $2.6 million
28
Michael Yackira
president, CEO-NV Energy
$1.4 million $730,000 $4.5 million
29
Steven Jacobs
CEO Sands China-Las Vegas Sands Corp.
$1.4 million $870,350 $5.6 million
30
Rob Goldstein
EVP-Las Vegas Sands Corp.
$1.4 million $1.2 million $4.9 million
31
Dudley Sondeno
SVP, chief knowledge and technology officer-Southwest Gas Corp.
$1.3 million $280,899 $1.1 million
32
Ramesh Srinivasan
EVP Bally Systems-Bally Technologies
$1.2 million $327,788 $980,713
33
Kenneth Kay
SVP, CFO-Las Vegas Sands Corp.
$1.2 million $916,667 $2.1 million
34
Farid Suleman
CEO-Citadel Broadcasting Corp.
$1.1 million $1.1 million $1.1 million
35
William Westerman
late, former president, CEO-Riviera Holdings
$1.1 million $1 million $1.2 million
36
Andrew Levy
CFO, planning director-Allegiant Travel Co.
$1.1 million $205,833 $3.8 million
37
Kevin Kelley
EVP, COO-Station Casinos
$1.1 million $1 million $1.3 million
38
Daniel D’Arrigo
EVP, CFO-MGM Mirage
$1.1 million $500,000 $1.3 million
39
Roger Smith
president, CEO-OBN Holdings
$1.1 million $150,000 $1.1 million
40
Paul Chakmak
COO, EVP-Boyd Gaming Corp.
$1 million $675,000 $2 million
41
Thomas Steinbauer
SVP, CFO-Ameristar Casinos
$1 million $425,000 $1.7 million
42
Troy Herbst
CEO-Herbst Gaming
$992,822 $992,822 $992,822
43
Jonathan Halkyard
SVP, CFO-Harrah's Entertainment
$981,208 $605,731 $981,208
44
Stephen Capp
EVP, CFO-Pinnacle Entertainment
$964,025 $500,000 $957,245
45
Robert Selwood
EVP, chief accounting officer-MGM Mirage
$942,030 $439,286 $1.2 million
46
Frank Riolo
CEO-American Casino & Entertainment Properties
$930,666 $623,077 $930,666
47
Scott Nielson
EVP, chief development officer-Station Casinos
$929,424 $864,000 $1.1 million
48
Larry Taylor
CFO-OBN Holdings
$900,000 $150,000 $900,000
49
James Kane
president-Southwest Gas Corp.
$892,316 $417,893 $1.4 million
50
Scott Betts
principal executive officer-Global Cash Access Holdings
$862,892 $575,754 $1.7 million
51
Sean Higgins
general counsel-Herbst Gaming
$824,916 $536,091 $824,916
52
Mary Higgins
CFO-Herbst Gaming
$806,077 $536,877 $806,077
53
John Godfrey
EVP, general counsel-Pinnacle Entertainment
$789,991 $425,000 $783,532
54
Paul Lowden
president, CEO-Archon Corp.
$782,896 $550,000 $784,843
55
Carlos Ruisanchez
EVP strategic planning and development-Pinnacle Entertainment
$781,582 $425,000 $781,582
56
George Biehl
EVP, CFO-Southwest Gas Corp.
$780,568 $379,622 $1.3 million
57
Alain Uboldi
COO-Pinnacle Entertainment
$741,456 $425,000 $829,224
58
Richard Haskins
EVP, general counsel-Station Casinos
$741,092 $594,000 $812,301
59
Peter Cunningham
COE-Gamma Pharmaceuticals
$717,771 $164,667 $859,521
60
Robert Yee
former COO-Tropicana Entertainment
$712,712 $522,712 $712,712
61
Hao Zhang
chief marketing officer-Gamma Pharmaceuticals
$689,243 $155,250 $760,118
62
George Gresham
principal financial officer-Global Cash Access Holdings
$626,360 $375,000 $748,360
63
Robert Sarver
president, CEO-Western Alliance Bancorp
$623,169 $597,141 $1 million
64
Jeffrey Ceccarelli
SVP service delivery and operations-NV Energy
$616,645 $383,000 $1.6 million
65
Paul Kaleta
SVP, general counsel-NV Energy
$578,564 $381,154 $1.6 million
66
Mark Ellis
EVP technology and development-Global Cash Access Holdings
$570,406 $275,000 $692,406
68
Timothy Herbst
EVP-Herbst Gaming
$567,211 $567,211 $567,211
67
Edward Herbst
EVP-Herbst Gaming
$567,211 $567,211 $567,211
69
Roberto Denis
SVP generation and energy supply-NV Energy
$563,038 $360,000 $1.6 million
70
Josh Hirsberg
SVP, CFO-Boyd Gaming Corp.
$557,441 $435,000 $748,299
71
Robert Caller
EVP, CFO-Bally Technologies
$550,285 $357,596 $1.1 million
72
Kathryn Lever
EVP, general counsel-Global Cash Access Holdings
$538,285 $285,000 $617,145
73
Edward W. Martin III
CFO-American Casino & Entertainment Properties
$537,047 $323,077 $537,047
74
John Gibson
CEO-American Pacific Corp.
$522,961 $495,045 $2.5 million
75
Steven Lazarus
EVP sales-Global Cash Access Holdings
$511,000 $300,000 $621,033
76
Andre Hilliou
CEO-Full House Resorts
$504,153 $288,750 $586,653
77
Mark Miller
EVP, CFO, COO-Full House Resorts
$499,353 $288,750 $537,853
78
William Rogers
CFO-NV Energy
$489,955 $435,000 $1.6 million
79
Judith Ellis
COO-Citadel Broadcasting Corp.
$479,907 $477,084 $477,174
80
Thomas Friel
EVP, chief accounting officer-Station Casinos
$468,990 $450,000 $532,929
81
Robert Vanucci
president, COO Riviera Operating Corp.-Riviera Holdings
$461,234 $400,000 $461,234
82
Scott Sheldon
principal accounting officer-Allegiant Travel Co.
$432,221 $120,000 $660,134
83
John Hester
SVP regulatory affairs and energy resources-Southwest Gas Corp.
$431,507 $253,390 $836,590
84
Evan Ahern
EVP, CIO-Ahern Rentals
$423,077 $298,077 $423,077
85
Peter Murphy
president strategy and development-Harrah's Entertainment
$415,780 $225,962 $2.3 million
86
Joseph Carleone
president, COO-American Pacific Corp.
$414,617 $395,025 $1 million
87
Mark Lerner
SVP, general counsel-Bally Technologies
$404,796 $262,731 $524,761
88
Merrill Wall
EVP, chief administrative officer-Western Alliance Bancorp
$382,301 $290,096 $392,561
89
Stanley Palmer
SVP, chief human resources officer-Tropicana Entertainment
$380,192 $320,192 $380,192
90
Tullio Marchionne
general counsel-Riviera Holdings
$351,114 $250,000 $351,114
91
David Ross
COO gaming-Herbst Gaming
$350,700 $350,700 $350,700
92
Gregory Gronau
president, CEO-Gaming Partners International
$349,894 $264,423 $926,539
93
Randy Taylor
VP of finance-Citadel Broadcasting Corp.
$338,445 $337,000 $337,090
94
Paul Hobson
GM Aquarius-American Casino & Entertainment Properties
$337,448 $178,365 $337,448
95
Dale Gibbons
EVP, CFO-Western Alliance Bancorp
$334,302 $311,539 $457,902
96
Jacquelyn Orr
VP, general counsel-Citadel Broadcasting Corp.
$327,116 $324,948 $325,038
97
Richard Baldwin
former VP, CFO-Tropicana Entertainment
$323,519 $297,269 $323,519
98
M. Ponder Harrison
managing director, marketing and sales-Allegiant Travel Co.
$317,292 $167,292 $917,627
99
Bruce Hendricks
CEO Bank of Nevada-Western Alliance Bancorp
$315,151 $275,192 $377,508
100
Todd Greenberg
SVP, chief strategy officer-Tropicana Entertainment
$310,385 $260,385 $310,385
101
Steven Strasser
CEO-Power Efficiency Corp.
$307,730 $307,730 $307,730
102
Gary Gregg
COO-155 East Tropicana
$301,445 $300,000 $301,445
103
Arnold Boswell
CFO-Hard Rock Hotel Holdings
$301,285 $265,000 $291,004
104
Ronald Lurie
EVP, GM Arizona Charlie’s Decatur-American Casino & Entertainment Properties
$297,867 $259,614 $297,867
105
Howard Brown
CFO-Ahern Rentals
$280,000 $180,000 $280,000
106
Michael Hessling
president-155 East Tropicana
$276,445 $275,000 $276,445
107
Phillip Simons
CFO, EVP finance-Riviera Holdings
$255,774 $200,000 $255,774
108
Brian Grees
VP planning and analysis-American Casino & Entertainment Properties
$255,024 $155,769 $255,024
109
Aslam Malik
president Ampac Fine Chemicals-American Pacific Corp.
$253,807 $251,849 $356,784
110
William Scott IV
SVP, deputy general counsel-MGM Mirage
$253,753 $152,528 $1.9 million
111
Laura McAllister Cox
chief legal and gaming compliance officer-Gaming Partners International
$252,849 $210,000 $252,849
112
John Hohman
COO-American Post Tension
$250,000 $250,000 $250,000
113
John Giovenco
Interim CEO-Pinnacle Entertainment
$242,051 $223,982 $720,061
114
David Grimes
CFO-Gaming Partners International
$235,679 $189,000 $235,679
115
Linda Ferguson
VP administration-American Pacific Corp.
$229,988 $210,738 $825,204
116
Dana Kelley
VP, CFO-American Pacific Corp.
$227,841 $210,738 $413,494
117
T. Wesley Elam
VP operations and project management-Full House Resorts
$227,545 $216,295 $241,545
118
Richard Hannigan
president, CEO-Voyager Entertainment International
$220,000 $0 $220,000
119
Victor Salerno
CEO, president, COO-American Wagering
$219,287 $203,689 $219,287
120
Matthew Schissler
CEO-Cord Blood
$215,086 $165,586 $3.6 million
121
D. Kirk Hartle
SVP finance and treasurer-Ahern Rentals
$212,500 $170,000 $212,500
122
Myong Hannigan
secretary-Voyager Entertainment International
$210,000 $0 $210,000
123
Maurice Gallagher Jr.
president, CEO-Allegiant Travel Co.
$200,000 $0 $500,168
124
Patricia Stratford
SVP of finance and administration-Citadel Broadcasting Corp.
$192,043 $190,833 $190,923
125
Bruce Dewing
president AWIG-American Wagering
$180,716 $168,923 $224,326
126
Melody Sullivan
CFO-American Wagering
$180,277 $178,615 $185,650
127
John Lackland
CFO, COO-Power Efficiency Corp.
$177,037 $177,037 $177,037
128
Deborah Pierce
CFO-155 East Tropicana
$173,105 $170,887 $173,105
129
Terry Howlett
president, CEO-Skinvisible Pharmaceuticals
$160,000 $160,000 $235,304
130
William O’Hara
COO-Galaxy Gaming
$159,255 $150,000 $159,255
131
Ronald Boreta
president, CEO-All-American Sportpark
$149,919 $120,000 $149,919
132
Suzanne Lowden
EVP-Archon Corp.
$144,472 $138,000 $144,830
133
Joseph Vicente
COO-Cord Blood
$134,748 $112,848 $1.8 million
136
Anders Suarez
CFO-Amerityre Corp.
$120,000 $120,000 $140,831
135
Joseph Cosio-Barron
legal-Liberty Capital Asset Management
$120,000 $120,000 $120,000
134
Michael Barron
CEO-Liberty Capital Asset Management
$120,000 $120,000 $120,000
137
Grant Siler
principal financial officer-Archon Corp.
$114,098 $113,840 $114,680
138
Cynthia Cameron
VP human resources-155 East Tropicana
$113,418 $112,645 $113,418
139
Timothy Lotspeich
SVP risk management and transportation-Ahern Rentals
$110,000 $100,000 $110,000

Source: The companies filings with the Securities and Exchange Commission and In Business Las Vegas research

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