Isn’t It Ironic: Steve Wynn Highest-Paid Nevada Casino Exec in 2017, Former CEO Made $34.5M

Posted on: May 28, 2018, 04:00h. 

Last updated on: May 28, 2018, 04:26h.

Devin O'Connor @CasinoorgDevinO Read More

Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Steve Wynn had a disastrous end to 2017, but the former casino CEO still managed to collect more than $34.5 million in earnings.

According to financial research group Equilar and the Associated Press, Wynn was the highest-paid CEO in Nevada last year with cash and stock totaling $34,522,695. The median employee salary at Wynn Resorts was $37,963 during the same period.

Wynn was by far the most compensated casino executive in America’s gambling capital. After his $34.5 million and change, Las Vegas Sands Chairman Sheldon Adelson placed second with $26,086,499.

Caesars Entertainment CEO Mark Frissora was third with just under $24 million, and MGM boss Jim Murren fourth with $14.58 million.

Combined, 11 Nevada executives engaged in the gaming business received more than $110 million last year.

The 339 highest-paid CEOs of US-based companies averaged a median pay package of $11.7 million. The highest-paid CEO was Broadcom leader Hock Tan, who received $103.2 million.

Wynn 2017 a Loss

Despite taking home the most pay among his colleagues in 2017, last year presumably cost Wynn many millions of dollars in the long term.

The disgraced casino mogul resigned in February amid numerous claims of sexual harassment and misconduct. Though he continues to deny he repeatedly took advantage of female workers and forced some into unwanted sex, the billionaire sold his entire stake in Wynn Resorts in March.

In the weeks following the January bombshell report in The Wall Street Journal, Wynn’s stock in his namesake company lost $412 million in value. Some of those losses were later recovered before he divested his 12.1 million shares for $2.1 billion.

Since the March 22 sale, Wynn Resorts has seen its stock price recover from around $180 to closing at $194.21 last Friday. That increase on 12.1 million shares equates to more than $172 million.

Female Voice

Wynn is just one of the many names rocked by the #MeToo movement for allegedly using his power to take advantage of women. Several staffers claim they tried to tell management of the CEO’s wrongdoings, but received little support.

The Equilar and AP?report shows women remain unrepresented in the highest positions among America’s leading corporations.

Of the 339 CEOs examined, just 17 were female. That means men still account for 95 percent of the 339 chief executive roles.

The 17 women did, however, earn a higher median pay of $13.5 million. PepsiCo CEO Indra Nooyi topped the list of female CEOs with $25.89 million in 2017 compensation.

Wynn Resorts Executive VP Kim Sinatra also received pay that would land in in the upper half of the CEO compensation list. The longtime Wynn worker earned $13.2 million last year.