MGM Resort’s CEO James Murren Receives Large Pay Increase
Posted on: April 22, 2017, 02:00h.
Last updated on: April 22, 2017, 08:16h.
Steering MGM Resorts in what the company believes is a positive direction, CEO James Murren was rewarded with a 25 percent increase in his pay package.
The company rewarded the 54-year-old executive with a new 5-year-contract in October and the raise was based on enticements in his new deal.
“Based on the positive results of the 2016 say-on-pay vote, and considering feedback from these discussions, we believe that our shareholders are generally satisfied with our current executive compensation program and policies,” according to a proxy filing Wednesday to the U.S. Securities and Exchange Commission.
The proxy said the pay and bonus were in line with other comparable casino executives.
While Murren’s base pay stayed the same at $2 million annually, his bonus and stock options rose substantially.
The leader since 2008, he was given $5.7 million extra under the group’s non-equity incentive plan, an increase of 26.9 percent from 2015. Stock awards also went up, to 19 percent for an assessed value of $7.4 million.
Other compensation that was not categorized ballooned 167 percent to $1.5 million, in addition to $250,000 for use of a company jet and $392,000 for personal security.
The award was primarily based on the company’s performance last year. MGM Resorts reported a profit of $1.1 billion, compared to a loss of $448 million the year before.
There were also other corporate highlights. The first was a creation of a publicly traded real estate investment trust, that the proxy said the initial public offering was the third largest of its kind and netted $1.1 billion in proceeds.
National Harbor Casino was another plus for the bottom line, as the Washington D.C. resort has performed above expectations.
The only hiccup was the issue of charging for parking at the Las Vegas properties. That apparently has not been an issue, however, as they increased the price this year.
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