LVCVA executives receive raises and bonuses for Las Vegas tourism rebound

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The Las Vegas Convention and Visitors Authority announced Wednesday that additional executives received a pay raise for the fiscal year ending June 30.

Four senior executives on its management team received a total of $287,469 in bonuses and $55,475 in annual salary increases.

The additional salary 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.

Hill received a 10% raise and a 50% bonus for his accomplishments as the head of the city’s tourism marketing organization, particularly during the COVID-19 pandemic. The raise and bonus were based on Hill’s previous salary of $406,916 per year. His annual salary would now be $447,608 with a one-time bonus of $203,458.

Hill recommended Bateman receive a 7% salary increase to $219,572 a year with a 25% bonus of $51,302, which the board approved.

In the weeks following these salary approvals, Hill evaluated the rest of the organization’s C-suite and approved the following raises:

— Kate Wik, director of marketing, a 5% salary increase to $341,470 per year and a one-time bonus of 35.2% to $121,594.

–CFO Ed Finger, a 6% salary increase to $257,797 a year and a one-time 25% bonus of $60,801.

— Chief Operating Officer Brian Yost, a 7% salary increase to $251,510 per year and a one-time 25% bonus of $58,764.

— Senior Vice President of Communications Lori Nelson-Kraft, a 4% salary increase to $212,393 per year and a 22.5% one-time bonus of $45,950.

An LVCVA compensation committee recommended salary ranges of $259,000 to $363,000 and bonus between 0 and 37.5% for the director of marketing and director of sales; salary ranges from $187,000 to $262,000 and a bonus between 0 and 25% for the chief financial officer and chief operating officer; and salary ranges from $159,000 to $223,000 and a bonus of up to 25% for the Senior Vice President of Communications.

LVCVA frontline workers, 240 unionized employees, received a 4% wage increase and a lump sum bonus of $2,250 per worker on July 1.

A contract amendment with Service Employees International Union Local 1107 approved in June costs $19.3 million, including additional pension and health insurance expenses.

The LVCVA is one of the few destination marketing organizations in the country that not only promotes the city, but also operates a convention center.

The management team has been praised by the board for its innovative marketing programs, securing Super Bowl LVIII in February 2024, creating a Formula 1 Vegas Grand Prix run in November 2023, paving the way for a innovative destination-wide transportation system and adding nearly one million square feet of meeting space with the West Hall expansion.

Board members said last month that Hill’s raise and bonus were based on his efforts to guide the rebound in tourism in southern Nevada. The rebound in visitation helped generate record tax revenue in 2021-22 with $294 million deposited into the LVCVA’s general fund, breaking the previous record of $286 million in 2019.

Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.

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