LVCVA Compensation Committee suggests deferring executive raises
Las Vegas Convention and Visitors Authority President and CEO Steve Hill really wasn’t expecting a raise as the new fiscal year began.
Government entities across the state are wrestling with a massive decline in revenue as a result of the coronavirus pandemic and the LVCVA is no different.
So Hill is pretty much getting what was expected if the LVCVA Compensation Committee’s recommendation is accepted as anticipated next week.
The committee met Wednesday and agreed the board should defer all raises and bonuses at the executive level.
Hill, who received a 5 percent salary increase and a $150,000 bonus last year, voluntarily cut his own salary by 10 percent when the pandemic set in. That leaves him at around $354,000 — substantially less than those with similar jobs in other markets and even lower than the $375,000 base salary he began with when he became the convention authority’s CEO in 2018.
The Compensation Committee’s recommendation to stand pat and review pay increases in the future when it’s more appropriate is expected to be addressed by the full LVCVA board on Tuesday.
Under the recently approved LVCVA 2020-21 budget, the entire organization’s salaries and benefits would be slashed from $60.4 million to $36.7 million with 482 funded jobs trimmed to 314. Last month, Hill informed the board that 80 positions were expected to be eliminated and 270 workers are being furloughed. Health care benefits will be left intact for furloughed workers. Hill said employees would be able to apply for federal and state CARES Act and unemployment aid.
The board also is expected to review employee bonus philosophy when it meets.
The LVCVA has a history of giving lavish bonuses to some employees when it was under the direction of former President and CEO Rossi Ralenkotter, who is under investigation in the improper use of Southwest Airlines gift cards prior to Hill’s arrival as chief operating officer.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.