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The most overpaid CEOs in the casino industry
Founded in 1992, As You Sow is a non-profit watchdog group dedicated to promoting corporate responsibility. Every year, it publishes a list of the 100 most overpaid CEOs.
On its latest list, recently released, are four CEOs of casino operators, namely those of Penn Entertainment, Las Vegas Sands, Wynn Resorts and Caesars Entertainment.
Nearly $50 Million Too Much for Jay A. Snowden
At the head of Penn Entertainment is a certain Jay A. Snowden who sits high on the list of the 100 most overpaid CEOs. In fact, he comes in third. Last year, he received a compensation of $65.9 million. By comparison, the median annual salary of his group’s employees does not exceed $33,930.
As a result, for every dollar pocketed by a worker in 2022, Jay A. Snowden received an average of $1,942.
In the list published by As You Sow, he is only ahead of the CEO of Warner Bros. Discovery, Inc.’s David M. Zaslav with a ratio of $2,972 to $1 and Estee Lauder Companies Inc.’s CEO Fabrizio Freda with a ratio of $1,965 to $1.
The investment research group HIP Investor helped As You Sow substantiate its famous list by comparing CEO compensation to their companies’ financial performance. In the case of Jay A. Snowden, he should have only made about $16 million.
The other 3 CEOs in the casino industry
In the list of As You Sow, we also find 3 other CEOs of the casino industry. Robert Goldstein, head of Las Vegas Sands, is in 8th place with a compensation of $31.2 million. According to HIP Investor, he should have received only $13.8 million, based on the financial performance of his company.
Next is Thomas R. Reeg as head of Caesars Entertainment. He ranks 54th with a compensation of $22.6 million that should have been only $15.5 million. Finally, there is Matt Maddox (the former CEO of Wynn Resorts) who ranks 91st. He received a compensation package of $12.9 million. Unfortunately, HIP Investor did not provide any estimate of the compensation he would have earned based on his group’s financial performance.
Another list from As You Sow
As You Sow also ranked CEOs based on their company’s return to shareholders and the number of institutional shareholders who voted against their compensation.
At this level, there were only 3 companies that did worse than Las Vegas Sands. Indeed, no less than 97% of institutional shareholders voted against Robert Goldstein’s compensation.
The 100 CEOs on the list published by As You Sow received a combined $3.8 billion and underperformed their company’s shareholders.
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