Jackpot for CEOs, Pennies for Pit Bosses: Same 3 Gaming Giants Make ‘Low-Wage 100’ List

• Caesars, MGM, and Las Vegas Sands have been identified as three of the 100 Standard and Poors companies with the lowest median pay for workers.
• Workers at these gaming firms received median wages between $42,426 and $47,607 last year.
• In contrast, their CEOs earned between $15.8 million and $21.9 million.

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Once again, three gaming giants — Caesars Entertainment, MGM Resorts and Las Vegas Sands — have made their mark on the “Low-Wage 100.” This notorious list highlights the 100 S&P corporations with the lowest median worker pay.

Since the Institute for Policy Studies (IPS) and its watchdog site, inequality.org, began these annual reports in 2019, Caesars, MGM, and Las Vegas Sands have consistently appeared on the Low-Wage 100 list.

Chief Excess Officers

The IPS also compiles an “Executive Excess” list, showcasing the most extreme CEO-to-worker pay ratios among the Low-Wage 100. Here’s how these gaming giants rank:

1. Las Vegas Sands (516:1): CEO Robert Goldstein made $21.9 million to the median worker’s salary of $42,426.
2. Caesars Entertainment (419:1): CEO Tom Reeg earned $18.4 million while the median worker made $43,880.
3. MGM Resorts (332:1): CEO Bill Hornbuckle received $15.8 million against a median worker’s $47,607.

In 2023, these pay ratios became even more pronounced:

1. Caesars: 560:1
2. Las Vegas Sands: 532:1
3. MGM Resorts: 374:1

Since 2019, Caesars’ CEO pay has soared by an astonishing 106.4%, while median worker pay grew by only 40.8%. Similarly, Las Vegas Sands saw a 38.9% increase in CEO pay with just an 18.3% increase for workers, while MGM Resorts’ CEO compensation rose by 20.3% against a 22.2% increase in worker wages.

Only Las Vegas Sands reported a noticeable decrease in its CEO-to-worker pay ratio, dropping by 11.8%. In contrast, MGM experienced a slight reduction of 1.5%, while Caesars recorded a staggering 47% increase in its ratio.

Interestingly, gaming titan Wynn Resorts has never featured on the Low Wage 100 list; instead, it has repeatedly appeared on Forbes’ “Best Employers” and Fortune’s “Most Admired Companies” lists.

Beyond the S&P

The Low Wage 100 exclusively includes the top 500 corporations in the United States. Consequently, The Nevada Current compiled an alternative list by examining 2024 SEC filings, revealing the following CEO-to-worker pay ratios for other gaming companies that didn’t rank among the S&P 500:

1. Penn Entertainment (734:1): CEO Jay Snowden earned $26.6 million while the median worker made $36,322.
2. Boyd Gaming (304:1): CEO Keith Smith made $11.5 million against a median worker’s salary of $37,755.
3. Golden Entertainment (155:1): CEO Blake Sartini earned $5.4 million versus a median employee income of $34,783.
4. Red Rock Resorts (78:1): CEO Frank Fertitta made $3.3 million compared to the median worker’s pay of $42,864.
5. Bally’s Corp (54:1): CEO Robeson Reeves earned $2.3 million while the median worker received $41,912.

These figures exemplify the growing disparity between corporate leadership remuneration and the earnings of everyday workers, sparking ongoing discussions about wage equality in the gaming industry.

Key Takeaways

• Three prominent gaming corporations consistently feature on the Low-Wage 100 list.
• CEO compensation vastly overshadows worker pay among these firms.
• Other gaming companies also display significant CEO-to-worker pay ratios, indicating industry-wide trends.

In conclusion, the wage dynamics within the gaming industry highlight a stark contrast between the millions earned by CEOs and the modest salaries of their employees. Continued examination of these disparities is crucial as discussions about fair compensation persist across sectors.