The Las Vegas Convention and Visitors Authority shared on Wednesday that additional executives received a pay rise for the fiscal year, which ended June 30. Four top executives from its management team were granted a total of $287,469 in bonuses, and $55,475 in annual salary increases.
The extra pay is in addition to the higher compensation approved last month by the LVCVA board of directors for President and CEO Steve Hill and General Counsel Caroline Bateman, reports Las Vegas Review-Journal. Hill received a 10% raise, and a 50% bonus for his accomplishments as the leader of the city’s tourism marketing organization during the COVID pandemic. Concurrently, Hill recommended Bateman receive a 7% salary increase to $219,572 per year with a 25% bonus of $51,302, which was also approved.
He has now also evaluated the rest of the organization’s C-suite and approved the new four increases, including CMO Kate Wik’s 5% salary increase and a one-time 35.2% bonus; CFO Ed Finger’s 6% raise per year and a one-time 25% bonus; COO Brian Yost’s 7% salary increase and one-time 25% bonus; and Senior VP of Communications Lory Nelson-Kraft’s 4% raise and one-time 22.5% bonus.
An LVCVA compensation committee recommended salary ranges of $259,000 to $363,000 and a bonus up to 37.5% for the chief marketing officer and chief sales officer; salary ranges of $187,000 to $262,000 and a bonus up to 25% for the Chief financial office and the chief operating officer; and salary ranges of $159,000 to $223,000 and a bonus up to 25% for the senior vice president of communications.
Front line workers including 240 union employees received a 4% pay increase and a lump-sum bonus of $2,250 per worker on July 1. A contract modification with the Service Employees International Union Local 1107 approved in June costs $19.3 million, including additional retirement and Medicare benefit expenses, Review-Journal adds.
A rare destination marketing organization, LVCVA does not only promote the city but also manages a convention center. The executive team was praised by the board for its marketing programs, securing Super Bowl LVIII in February 2024; creating a Formula One Vegas Grand Prix race in November 2023; new transportation system pathways; and the addition of almost 1 million square feet of meeting space with the West Hall expansion.
These increases and bonuses for Hill were said to be based on their “efforts to guide the tourism rebound for Southern Nevada”. The rebound of visitation helped generate record room tax revenue in 2021-22, with $294 million accrued in the LVCVA’s general fund, beating the previous high of $286 million in 2019.