Casino executives taking a hit during recession but companies survive
It may be hard to believe but gambling was not legal in Atlantic City a few decades ago and now this city is one of the most famous destinations for world class casinos. After Las Vegas, Atlantic City is considered to be the second largest casino city and there are many world famous casinos in this city. The incredible growth of the casino industry in seen a corresponding increase in demand for experienced management. Casino exec jobs are not like your local retail management jobs - they are pretty well paid and a career of choice for many.
Top executives at casinos include the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Executive Vice President, Vice President of Sales and Marketing and the Senior Vice Presidents of Operations. The total cash compensation received by these top executives of the casinos may depend from casino to casino but it can range from thousands to millions of dollars every year. The total cash compensation includes the total of base salary plus bonus pay. This can be a really crazy amount and all you geeks out there, if you are wondering why you had your head in the books and avoided cards, we don’t blame you.
The salary of such executives also vary between land based casinos and riverboat casinos. The salary of the executives at a land based casino are usually higher than those of a riverboat executive. Land based casinos are usually larger and offer a wider variety of facilities compared to riverboat casinos. Land based casinos are also situated in destination casino markets such as Las Vegas and Atlantic City whereas the markets for riverboats casinos are secondary.
Casino Executive bonuses have suffered during the recent economic downturn. Several casinos have announced salary freezes, bonus cuts and even Executive layoffs at times. Casino company stocks have suffered huge losses, which usually affect executives the most due to their significant ownership interest in stock options. But overall, casinos are still operational and surviving the crisis. Unlike other industries, casinos at least haven’t closed or asked for bailout money. Casinos made it through 2008, despite their losses. Destination cities such as Atlantic City usually bounce back from recession faster than local casino towns. remains to be seen where the casino industry will end up at the end of 2009.
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