Billionaire Steve Wynn takes a 25 percent pay cut as a casino executive
LAS VEGAS (AP) Billionaire Steve Wynns compensation as CEO of casino operator Wynn Resorts Ltd. fell 25 percent in 2008 as the gambling economy soured, according to an Associated Press analysis of a regulatory filing made Thursday.
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Gambling casinos history:
- Video Poker machines were introduced in the 1970s, when an oil embargo had a negative impact on Vegas revenues. The machines were popular enough to spark a recovery in casino business.
- 1994: On New Year's Day Frank Sinatra gives his last Las Vegas performance at the MGM Grand.
1998: Opening of the Bellagio. With 3,026 rooms it is the largest hotel in the world, and also the most expensive - it cost $1.7 billion to build. - 1993: Steve Wynn buys the Dune Hotel, then implodes it to make way for the Bellagio. The new MGM Grand is completed, once again becoming the world's largest hotel. On December 31, Barbra Streisand stars in the inaugural concert at the MGM Grand Garden Arena.
- It was during the 1930's that slot machines began to become very popular across America, and in the late 40's Bugsy Siegel added machines to his Flamingo Hilton hotel in Las Vegas.
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