(Image of Steve Hill, CEO of LVCVA)
By Ray Smith, Exhibit City News
Citing a list of achievements over the past 12 months, Steve Hill concedes that it will be difficult for Las Vegas to replicate the year that placed it at the center stage of national attention, highlighted by the inaugural Las Vegas Formula One Grand Prix and the first Super Bowl played at Allegiant Stadium.
Notwithstanding this precautionary note, the Las Vegas Convention and Visitors Authority board of directors proceeded to raise their president and chief executive officer’s salary by 4 percent to $495,000 a year, with a bonus up to 40 percent of his salary.
The board, at its July 9 regular meeting, also approved a salary increase to $330,000, plus a bonus, for its chief financial officer, Ed Finger, and chief operating officer, Brian Yost.
In pleading their case, Hill emphasized that their value to the convention authority extends far beyond the duties they perform in their executive roles. He claimed it was the best financial year ever for Las Vegas, with RevPAR (revenue per available room) averaging $166 in fiscal year 2024, up from $150 in 2023, by far exceeding the $95 national average.
“Your leadership is truly exceptional, truly impressive,” praised Brian Gullbrants, vice chair of LVCVA. “You’ve restored pride in our destination, our Raiders, our hockey, our Aces, Formula One.”
Hill is pushing for a $1.5 billion baseball stadium to be built on the site of the shuttered Tropicana hotel and casino to lure the MLB Athletics away from Oakland.
“Vegas is hot right now,” Hill quipped, relating the city’s popularity to record-breaking temperatures during the week. “If folks want to do something here, we figure out a way to make it happen.”
The tourism chief touted growth in both leisure visitors and convention attendance. His staff sold 18 new shows at the Las Vegas Convention Center, bringing in some 500,000 people. Overall, meeting and convention attendance increased 20 percent from 5 million to 6 million, and his goal is to push that number to 8.4 million by 2028.
Though it stirred controversy in the WNBA, the authority developed a sponsorship with the two-time champion Las Vegas Aces by presenting each player with a $100,000 bonus. The minimum salary in the WNBA is around $77,000, compared with $1.1 million in the NBA.
“We’re riding a groundswell of interest and growth (in the WNBA),” the CEO pointed out. “We feel that’s a smart opportunity.”
Hill’s salary is in line with the president and CEO’s salary in similar markets such as Orlando, Fla., says Nadine Jones, senior vice president of people and culture at LVCVA. The authority targets the market median, or 50th percentile, for executive base salary comparison.
Jones referred to a report by Segal Group showing a minimum salary of $380,000 for the president and chief executive officer, a midpoint of $475,00, and a maximum of $570,000. She recommended the board use the 75th percentile of CEO salaries, due to the “complexity” of the LVCVA and evolving market competition for executive talent.
Hill said his goals for the next few years remain the same: drive demand; fill meeting space; develop sports and entertainment events; renovate Las Vegas Convention Center and enhance operations; improve access; and strengthen LVCVA’s culture.
