Casino mogul Steve Wynn's base salary is shrinking from $4 million to $2.5 million and his rides on the company plane are no longer free, but if all goes well for Wynn Resorts Ltd. the 72-year-old CEO and chairman will see a boost from bonuses and stock incentives.
The company announced the changes in a recent financial filing approved by shareholders last May.
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Wynn's earnings will get bolstered based on how well the company performs, said Wynn Resorts spokesman Michael Weaver in an emailed statement.
Weaver said Wynn's contributions "have been, and continue to be, instrumental in creating significant stockholder value."
Wynn's earnings will include existing bonuses, stock incentives and a $250,000 annual credit to use the company aircraft. The board, which provided the plane for free before, requires Wynn use the plane for business and personal trips for security reasons.
In late 2013, the board did away with another of Wynn's perks, free rent to live in a villa at Wynn Las Vegas. Now the executive pays $525,000 a year to live at the Las Vegas Strip property.
Wynn earned $19.6 million in 2013 — 10 percent higher than the year before — making him the 39th highest-paid CEO according to research by The Associated Press and executive pay research firm Equilar.
The stock bonuses will be awarded based on the company's earnings before interest, taxes, depreciation and amortization; if milestones are reached in developing Wynn Palace in Asian gambling mecca Macau; and if the company's properties are still recognized by third-parties for their quality.
Wynn Resorts owns the Wynn Las Vegas and Encore resort-casino on the Strip and Wynn Macau and Encore in China.