Investors will vote on new plan
Casino magnate Steve Wynn will now have to pay for his villa at Wynn Resorts in Las Vegas, according to Bloomberg.
The 72-year-old billionaire founder of Wynn Resorts Ltd. will pay $525,000 a year for his residence at the namesake property, the company announced in its annual proxy statement. The lease was previously included as part of his compensation.
According to the filing, Wynn Resorts is modifying its executive pay structure so it’s not tied to the company’s performance. Wynn’s $4 million base salary will be reduced to $2.5 million for 2014. Investors will vote on the 2014 compensation plan at the company’s annual meeting May 16 in Macau.
“This is an example of our compensation committee working very hard to ensure we continue to be current with the best market practices,” Wynn Resort informed Bloomberg.
Wynn’s total compensation for 2013 was $19.6 million, a 10 percent increase over 2012, according to the Securities and Exchange Commission.
Under the existing plan, executive compensation is tied to adjusted earnings before interest, taxes, depreciation and amortization. The 2014 plan adds third-party recognition of the company’s quality, as well as goals related to the development of the Wynn Palace, a resort the company is building in Macau, according to the filing.
Wynn Resorts stock has risen 18 percent so far this year.