Paid in full
Paid in fullAs gaming stocks soar, so does casino executive pay Mandalay Resort Group CEO Michael Ensign and director William Richardson led all industry executives with $46.8 million each in total compensation in the last fiscal year.
Ensign's compensation included long-term gains of $43.7 million and $3.1 million in short-term compensation, according to analysis by In Business Las Vegas. Richardson's compensation included $43.9 million and $2.9 million in long- and short-term compensation, respectively.
Each sold almost 7 million shares of stock last year, and both retain stock options. Both also were recently granted a combined 700,000 shares of restricted stock.
Wall Street doesn't appear concerned about these and other massive increases in executive compensation. Major gaming stocks have soared in the last couple of years, outperforming the S&P 500 and increasing over the past 12 months by 32 percent.
Mandalay's stock rose about 46 percent over in the last two years and 86 percent on a trailing 52-week basis.
Other executives at the top of the money ladder:
• Station Casinos Chief Executive Frank Fertitta III, No. 3, at $28.2 million in total compensation.
• Station CFO and Treasurer Glenn Christenson, No. 4, at $18.2 million.
• Mandalay Resort Group President and Chief Financial Officer Glenn Schaeffer was No. 5 with about $12.8 million in total compensation.
• Sixth was MGM Mirage Chairman and Chief Executive Terry Lanni at $12.1 million.
• Station President Lorenzo Fertitta was seventh on the list at $9.1 million. CJ