What do CEOs make? Much more than their Las Vegas workers
With its economy fueled by tourism, Las Vegas’ workforce is heavy on lower-paying service jobs.
Las Vegas’ corporate chieftains, on the other hand, earn paychecks that card dealers, housekeepers and cocktail servers can only dream of.
The pay ratios of CEOs to their typical employees shot past 100-to-1 last year at several Las Vegas-based companies and other firms with sizable holdings in Southern Nevada.
Wynn Resorts Ltd. CEO Craig Billings, for instance, earned roughly $16.2 million in total compensation last year, while the casino operator’s “median compensated employee” earned around $54,100, according to a filing with the Securities and Exchange Commission.
The pay ratio — which accounted for a cost-of-living adjustment for Wynn’s employees in Macao — amounted to 299-to-1.
“Our talented and dedicated employees play an integral role in our overall success and we place great emphasis on creating an environment for our employees to excel and advance,” Wynn said in the filing. “We are committed to the development, health and well-being of our workforce through various programs, benefits and amenities.”
Here’s a look at the ratio of CEOs’ total compensation to that of their median-paid employees in 2023 at publicly traded companies with close ties to Las Vegas, as disclosed in their filings with the SEC.
— Casino chain Caesars Entertainment Inc.: 560-to-1 ($18.6 million to $33,250)
— Casino operator Las Vegas Sands Corp.: 533-to-1 ($21.9 million to $41,185)
— Financial conglomerate/casino landlord Blackstone Inc.: 489-to-1 ($119.8 million to $245,000)
— Casino operator Penn Entertainment Inc.: 405-to-1 ($15.5 million to $38,332)
— Casino chain MGM Resorts International: 374-to-1 ($17 million to $45,502)
— Casino operator Boyd Gaming Corp.: 318-to-1 ($11.4 million to $35,904)
— Sphere owner Sphere Entertainment Co.: 179-to-1 ($16.3 million to $91,237)
— Casino and tavern operator Golden Entertainment Inc.: 151-to-1 ($6.1 million to $40,136)
— Casino operator Bally’s Corp.: 103-to-1 ($4.5 million to $43,956)
— Station Casinos parent Red Rock Resorts Inc.: 84-to-1 ($3.5 million to $41,584)
— Utility provider Southwest Gas Holdings Inc.: 63-to-1 ($7.1 million to $113,533)
— Summerlin developer Howard Hughes Holdings Inc.: 50-to-1 ($5 million to $99,533)
— Ultra-low-cost airline Allegiant Travel Co.: 30-to-1 ($1.5 million to $49,637)
— Casino landlord Vici Properties Inc.: 30-to-1 ($11.3 million to $376,391)
— Investment giant/The Venetian operations owner Apollo Global Management Inc.: 1.87-to-1 ($320,760 to $171,311). Apollo co-founder and CEO Marc Rowan owns 6.1 percent of the company’s stock, and according to Forbes magazine, his net worth is $6.5 billion.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and Chief Operating Officer Patrick Dumont.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.