Wynn’s salary cap: $2.7M

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Wynn Resorts, Ltd., set
to hold a stockholder’s meeting in Las Vegas next week, will pay company chief
executive Steve Wynn up to $2.7 million a year and give him $55,000 to employ a
driver, according to firm’s recent filings with the U.S. government.

Wynn Resorts, which is
building his planned $2.6 billion Le Reve resort on the Strip, is granting Wynn
a $500,000 per year increase in salary from his current base salary of $1.2
million, until his salary peaks at $2.7 million in three years, the company
reported on April 21 in a statement filed with the Securities and Exchange
Commission.

The annual stockholders
meeting is scheduled for 11 a.m. Tuesday, May 13, at Wynn’s executive offices
at 3145 Las Vegas Boulevard South.

Shareholders in Wynn
Resorts have been invited to attend in person to elect three people nominated to
serve as company directors, approve the appointment of Deloitte & Touche LLP
to serve as independent auditors for the firm for 2003, and consider other
business that may come up at the meeting.

The SEC filing reported
that there were 79.1 million shares on Wynn Resorts outstanding. Last year, Wynn
and his partner Kazuo Okada, operator of Aruze USA, Inc., each bought more than
24.54 million shares, and control 62 percent of the company.

Under an agreement,
major stockholders Wynn and Aruze USA Inc. will vote their shares for a slate of
directors to the company’s board. Wynn gets to choose the majority of
nominated members. Two others must be independent. The rest of the nominees
would be chosen by Aruze.

Last year, Ronald J.
Kramer, president of Wynn Resorts, saw his salary jump from $730,769 to $1
million, and he received a bonus of an additional $1.25 million.

John Strzemp, executive
vice president and chief financial officer, will have a base pay of $509,000 in
2003 with 2.51 million shares in restricted shares of company stock.

DeRutyer O. Butler,
executive vice president for architecture for Wynn Design & Development, a
subsidiary, will be paid $350,000 in addition to an award of 2.51 million
shares. Marc Rubinstein, senior vice president and general counsel, will get
$360,000 a year, plus options on 25,000 shares.

In addition to the
$55,000 to employ a driver for Wynn, the company will cover $8,060 in annual
accounting costs incurred by the chief executive. Wynn’s base salary in 2002,
before the new salary amount was set by the company’s compensation committee
last fall, was $197,115.

 

 

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