Steve Wynn will have to come up with an extra $525,000 a year if he wants to continue to live at his golf course villa at Wynn Las Vegas.
Wynn Resorts Ltd., in a filing with Securities and Exchange Commission Thursday, said the company chairman and CEO will now be responsible for leasing the villa after a change in his compensation plan.
Previously, the company paid for the housing.
A third-party appraiser determined the amount.
A spokesman for Wynn said the changes were made to follow current best market practices.
Wynn Resorts is modifying its executive pay to tie compensation to the company’s performance. Wynn’s $4 million base salary will shrink to $2.5 million this year under a new plan, according to the filing.
Shareholders will vote on the plan at the company’s annual meeting, which is scheduled for May 16 in Macau.
According to Bloomberg News, Wynn, 72, received $19.6 million in total compensation last year, based on SEC reporting rules, a 10 percent increase from 2012.
Contact reporter Howard Stutz at firstname.lastname@example.org or 702-477-3871. Follow @howardstutz on Twitter.