It’s good to be king.
Even after one of the worst years on record in the casino industry, one that saw stock value of his Wynn Resorts Ltd. cut 60 percent, and it’s fallen by almost half that since the first of the year, CEO Steve Wynn did all right for himself in 2008.
That is, if you consider $8.45 million in total compensation doing all right.
Forget that the $3.25 million just in salary appears a bit gaudy in a recession. The part that makes me cackle is the $4.06 million in “performance bonuses,” according to Associated Press.
Granted, Wynn’s guidance of his company’s “performance” was better than the kamikaze pilots at the stick of the MGM Mirage, Las Vegas Sands, and elsewhere.
So even though Wynn stock tanked, it looks like a show horse next to the Shetlands in the neighborhood.
On second thought, don’t try to make sense of this.
Suffice to say: It’s good to be king.