Billionaire Steve Wynn, the chief executive of casino company Wynn Resorts Ltd., received compensation worth nearly $10 million in 2006, a year in which the company's revenue doubled, its stock price surged 71 percent, and it opened a casino in Macau.
Wynn's compensation included $2.8 million in salary, $6.9 million in non-equity incentive plan compensation and $262,915 in other compensation, mostly for personal use of company aircraft and life insurance premiums, according to a proxy statement the company filed Monday with the Securities and Exchange Commission.
The Associated Press' calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and option awards granted during the year.
Wynn was not granted any stock or options in 2006 and continued to own a 24.05 percent stake in the company. An equal stake is owned by Kazuo Okada, the founder of Japanese pachislot and pachinko machine maker Aruze Corp.
Effective Feb. 1, the company increased Wynn's base salary to $3.3 million per year to make it comparable to his industry peers and recognize his achievements in opening properties and increasing shareholder value, the proxy statement said.
Wynn Resorts shares rose from $54.85 on Dec. 30, 2005, to $93.85 on Dec. 29, 2006.
The company has scheduled its annual shareholders meeting May 8, when shareholders will be asked to approve the compensation plan and cap compensation at $10 million for any individual.
Last year, Wynn Resorts said it swung to a full-year profit of $628.7 million, or $6.24 per share, from a prior-year loss of $90.8 million, or 92 cents per share. Annual net revenue jumped to $1.43 billion from $722 million.
Helping fuel the growth was the September opening of Wynn Macau in the Chinese gambling enclave. The resort, with 220 tables, 80 slot machines and 600 hotel rooms, generated $248.7 million in net revenue during the fourth quarter.
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