Wed in Wax

And here’s the best part. Madame Tussauds is offering one lucky couple the opportunity to win a free wedding. If you’re interested, you have to fill out an online registration form at www.MTvegas.com . The deadline for entries is Sunday, August 12, with the winning couple announced online Monday, August 13. The free ceremony will include all items listed in the wedding package on the Web site. This includes customary items such as the minister, floral arrangements and videotape. The newlywed couple and guests will then be able to tour the attraction for additional wedding photos with the over 100 wax celebrities from the worlds of film, television, sports and world affairs.

It gets even better. Following the theme "With These Stars I Thee Wed," wedding parties may incorporate two Madame Tussauds wax celebrities into the wedding service as witnesses or celebrity guests from a pre-selected list. The wax celebrity couples that may be selected are Angelina Jolie and Brad Pitt, Elizabeth Taylor and Tony Bennett, or Elvis and Marilyn Monroe. For more information on pricing and availability for weddings among the stars call 1-800-292-1177 or email weddings@madametussaudslv.com.

In addition to the wedding package, you can hold your wedding reception (up to 130 guests) in its Spirit of America Room. To include a reception, contact the Madame Tussauds Las Vegas Events Department at 702-862-7805.

BIG BUCKS

Okay, I’ve already told you in previous columns just how much our casinos make and that money really belongs to you and me. Well, it would if we didn’t frequent casinos. But be that as it may, our hotel-casinos mean big bucks and that includes the people who are responsible for their success. I’m talking about the top execs and I’m also talking a lot of green that goes into their pockets.

For example, let’s look at a few of our more successful operators. MGM Mirage chairman and Chief Executive Officer Terry Lanni had the gaming industry’s highest payoff with a $15.7 million compensation package in 2006. Lanni earned a base salary of $2 million, the third-highest in the industry. His pay was bolstered by incentives, deferred payments and other costs to the company, including $251,686 for aircraft use, mostly between Las Vegas and Southern California.

If you think that’s a tad high, gaming industry experts believe executive pay packages are where they should be if not a little behind the curve. Here’s what Glen Schostak of the executive search firm Korn/Ferry International had to say. "The demands of the CEO to expand a global organization have been significant. I don’t feel that there is anybody in the gaming industry that is overcompensated, mainly because of the demands of the business." Hey, I’m going to hire this guy to find my next job.

But his observation is backed up by facts. When Lanni took control of MGM Mirage in 1995 for a base salary of about $500,000, it was a public company with one major asset and 7,000 employees. He has since helped guide the company through the opening of NewYork-New York in 1997 and the $6.4 billion buyout of competitor Mirage Resorts in May 2000. In April 2005 he directed the company through its second large buyout with the $7.9 billion purchase of Mandalay Resort Group. Today, MGM Mirage has 10 large hotel-casinos in Las Vegas and investments in condominium projects, golf courses, international markets and future development projects and has gone from annual revenues of $600 million in 1997 to $7 billion in 2006 with 67,000 employees. Pretty impressive no matter which way you look at it.

Steve Wynn — why should we be surprised — had the gaming industry’s highest base salary in 2006 at $2.8 million. After incentives and other compensation, mostly tied to bonuses, Wynn’s pay package totaled nearly $10 million. Wynn also has use of a company jet at a cost of $237,285 to the company. Must be nice. I seldom fly because of the hassle of it all, but if I had my own private jet, who knows….

Like Lanni, Wynn has kept his company growing at a fast pace. After opening the $2.7 billion Wynn Las Vegas in April 2005, the company entered Asia with the $1.2 billion Wynn Macau in September. Under construction now next to Wynn Las Vegas is the $2.1 billion Encore project and another hotel tower at the Macau property and other projects are planned that could further boost the company’s value.

Not far behind is Harrah’s Entertainment chairman and CEO Gary Loveman who made a base salary of $2 million in 2006. His total compensation cost the company $14.2 million; his package included $435,786 for aircraft use and $276,720 for security. Seems an awful lot of money to protect a guy who the vast majority of the population wouldn’t recognize if they bumped into him.

And it’s not only the guys who run the big Strip joints who are raking in the dough. Station Casinos chairman and CEO Frank Fertitta III made $12 million in incentives, deferred pay and other costs last year, with a base salary of $2.2 million. His personal security bill totals $571,447 and he gets $107,544 for aircraft use. Under his direction, the company has grown from one property, Palace Station, to 15 properties with more under construction or in development.

"You could argue all executives are being paid too much," said Bill Thompson, a University of Nevada, Las Vegas professor and casino industry observer. "As long as the stockholders are happy with the results of the stocks, I don’t think they care about executive salaries. If the companies were losing money that would be another thing."

I have to agree with Thompson. All of the above-mentioned men have done a phenomenal job and not only have they benefited from the growth of their individual companies, but Las Vegas has continued to boom, providing thousands of jobs and a strong economy. Sure, I think they make too much money, but I think anyone who makes more than I do is overpaid.

Good luck and I’ll see you on the Strip. And don’t forget to check out www.valleyblogs.com.

If you have a question or a Las Vegas experience you would like to share with my readers, please e-mail me at lennylv@cox.net. Please include your full name and the city or town where you live.