Wynn’s salary cap: $2.7M

May 6, 2003 6:47 AM

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.