Las Vegas Sun

November 15, 2018

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Tourism board OKs $400,000-plus retirement package for outgoing CEO

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L.E. Baskow/Las Vegas News Bureau

CEO of the LVCVA Rossi Ralenkotter speaks about sports in Las Vegas during the 2018 Southern Nevada Sports Hall of Fame ceremony at the Orleans Arena, on Friday, May 11, 2018, in Las Vegas.

The board of the Las Vegas Convention and Visitors Authority today approved a retirement package for exiting Chief Executive Officer Rossi Ralenkotter that includes a $132,132 bonus and an 18-month consulting deal worth $270,000.

Ralenkotter will also receive state pension benefits.

The board voted 13-1 to approve the package, which includes a 30 percent bonus for Ralenkotter’s job performance over the last year, based on his salary of $440,440. The consulting deal could also be extended beyond the initial term.

At the same time, the board voted 13-1 to name Chief Operating Officer Steve Hill as the next president and CEO, effective Sept. 1. He becomes just the third CEO in the last 27 years.

As part of his retirement package, Ralenkotter agreed not to use the knowledge and experience he gained with the LVCVA for a competing entity for a period of two years.

Board members praised Ralenkotter for his work, and Las Vegas City Councilwoman Michelle Fiore and Mayor Carolyn Goodman urged him to stay on board.

“I’ve been thinking about this for quite some time,” Ralenkotter said. “I think that it’s time for me to move on.”

In June, Ralenkotter announced his retirement after a four-decade career with the authority. He worked his way up from a research analyst in the 1970s to president and CEO, helping Las Vegas become the No. 1 trade show destination for 24 straight years.

His accomplishments include working with McCarran International Airport officials to bring more visitors to Las Vegas, assisting with the collaborative response to the Oct. 1 mass shooting and the expansion of the Las Vegas Convention Center.

Ralenkotter credited the board and more than 500 LVCVA employees for helping the authority meet and exceed its annual goals.