Billionaire Steve Wynn's compensation as chief executive of Wynn Resorts stayed nearly the same in 2009 compared with 2008 as the casino operator struggled in Las Vegas and worked on its newest resort in Macau.
Wynn was paid $8.39 million in 2009, down less than 1 percent from his compensation of $8.45 million in 2008, according to an Associated Press analysis of a regulatory filing.
Wynn's pay package included $2.95 million in salary, a $4.06 million cash bonus and $1.37 million in perks, mostly for personal use of a company aircraft, Wynn Resorts reported in a proxy statement with the Securities and Exchange Commission.
Wynn was granted no stock or options in 2009. His perks included $60,036 toward a medical plan, $29,718 in life insurance premiums, $62,240 in merchandise discounts, $7,350 in retirement plan contributions and $12,806 for personal use of a car and driver.
The company's board of directors requires the CEO to travel in company vehicles for security purposes, Wynn Resorts said.
As of March 1, Wynn held a nearly 9 percent stake, more than 11 million shares, in the Las Vegas company named after him. It owns the Wynn Las Vegas and Encore Las Vegas casino resorts and the Wynn Macau in China's gambling enclave.
Last year, Steve Wynn held 24 million shares with his then-wife, Elaine Wynn, but the couple sold some shares and split the rest of their stake as they divorced. The divorce was final Jan. 5.
The largest stake in Wynn Resorts is held by Kazuo Okada, the founder of Japanese pachislot and pachinko machine maker Aruze Corp. He has 24.5 million shares, or 19.8 percent of the company's outstanding stock.
Shares of Wynn Resorts rose from $47.42 on Jan. 2, 2009 to $58.23 on Dec. 31. The stock has risen 33 percent since then, closing Friday at $77.40.
Shares of Wynn Resorts were up $3.83, nearly 5 percent, to $81.23 during afternoon trading on Monday.
2009 was harder overall for the company compared with 2008, as the Las Vegas' tourism and gambling industries continued to struggle with fewer visitors, especially business travelers.
Wynn Resorts earned $20.7 million, or 17 cents per share, in 2009, compared with $210.5 million in 2008.
Wynn said in February that Las Vegas's prospects depend on the American economy improving for individuals and companies that book meetings.
During the fourth quarter, revenue rose in Macau, where the company plans to open another casino this month with casino space, 410 hotel suites, restaurants and retail stores.
Wynn said it had $2 billion in cash and $3.6 billion in total debt as of the end of 2009.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.
On the Net:
Wynn Resorts Ltd.: http://www.wynnresorts.com
Source: AP Features