The chief executives at William Penn Entertainment, Las Vegas Sands, Wynn, and Caesars corporations all found themselves on the annual list of Top 100 Most Overpaid CEOs published past As You Sow, a non-profit guard dog aggroup leased in 1992 to promote corporate responsibility.
Penn Entertainment CEO Jay A. Snowden was the highest-ranking gaming exec on the organization’s name at No. 3. Snowden received $65.9M inward compensation lowest twelvemonth when the median yearbook salary for his company’s employees was $33,930. In other words, for every dollar sign earned by an mean(a) worker inwards 2022, Snowden received $1,942.
Snowden’s ranking placed him below only Charles Dudley Warner Bros. Discovery, Inc. CEO David M. Zaslav (2,972:1) and Estee Sir Harry MacLennan Lauder Companies Inc. CEO Fabrizio Freda (1,965:1) on As You Sow’s list.
According to investment explore group HIP Investor — which compared CEO pay off at S&P 500 companies to keep company financial carrying into action to compile As You Sow’s listing — Snowden should get been paid around $16M.
Penn, formerly Penn National Gaming, is the Pennsylvania-based operator of the m Resort inwards Las Vegas, in gain to 42 other properties inwards 20 states, online sports betting inward 14 jurisdictions, and online casino games in v below the brands Hollywood Casino. L’Auberge, Barstool Sportsbook, and theScore Bet.
Hitting the Vegas Jackpot
Las Vegas was also represented past the leash other gaming CEOs to relieve oneself As You Sow’s list. Las Vegas Sands Corp. CEO Robert Goldstein ranked as the 8th most overpaid American corporate CEO with $31.2M inwards compensation, Caesars Entertainment CEO Dylan Marlais Thomas R. Reeg ranked 54th with $22.6M, and Wynn Resorts CEO Matt Maddox ranked 91st with $12.9M.
According to HIP Investor, Goldstein should make received $13.8M inwards compensation and Reeg should make received $15.5M. (No judge of the make up Maddox deserved was included inward As You Sow’s report.)
Las Vegas Sands is stock-still headquartered in Las Vegas although it sold its Strip properties – including the Venetian and Palazzo resorts and the Sands Expo and Convention Center – to Vici Properties next the dying of Goldstein’s predecessor, Sheldon Adelson, in 2021. That deal, for $6.25B, was finalized in Feb 2022.
In gain to the ratio of CEO compensate to median worker pay, the CEOs were ranked based on their companies’ returns for shareholders and how many institutional shareholders voted against their make up packages.
Only trey of the list’s corporations scored higher than Las Vegas Sands inwards that finally category, with 97% of its institutional shares voting against Goldstein’s compensation. (According to As You Sow, institutional investors are a truer reflection of shareholder opinions, since CEOs often hold in plenty shares or votes to significantly skew the results.)
The 100 CEOs on the heel were paid $3.8B collectively, and underperformed for their companionship shareholders, the chemical group said. Eighty 2 percent of S&P 500 CEOs were paid bonuses at or supra 100% of target, something that As You Sow argued should indicate to shareholders and the public that the carrying out expectations set for CEOs are too low.
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