Las Vegas Convention and Visitors Authority (LVCVA) CEO Steve Hill is poised for a significant pay raise for leading the agency responsible for keeping Southern Nevada bustling.
The destination marketing organization’s Compensation Committee this week made the recommendation that Hill’s salary be increased by 7.5% and his bonus be elevated by a whopping 40%. The six-member committee highlighted Hill’s performance over the past 12 months in concluding that better compensation for the agency’s leader is warranted.
The Compensation Committee endorsed increasing Hill’s base pay by $33,570 to bring his salary to $481,179. The panel additionally backed a meaningful hike to his bonus, bringing the annual award to $179,043.
The LVCVA Board of Directors is expected to approve the compensation increases during its meeting on July 11. If that happens, Hill’s package for 2023 will be roughly $660,222.
The LVCVA is primarily funded by Clark County’s nightly hotel room occupancy tax. With Las Vegas casino resorts charging higher rates over the past year because of inflation and increased overhead, the LVCVA has seen its revenues surge. The LVCVA also generates income by owning and managing the Las Vegas Convention Center.
Pedal to the Metal
Hill and the LVCVA were instrumental in bringing Formula 1 to Las Vegas, with the inaugural Las Vegas Grand Prix set for November. The tourism agency is a major sponsor of the F1 race.
LVCVA officials are also playing a critical role in trying to find the Oakland A’s a home ballpark should the MLB franchise formally decide to relocate to Las Vegas. Hill’s leadership of the LVCVA also resulted in landing the 2024 Super Bowl LVIII and the NCAA March Madness Final Four in 2028.
This year would have been easy to come out here as a leader and talk about F1, the Super Bowl, the Final Four, and do a mic drop,” said Compensation Committee member Scott DeAngelo. “But you didn’t take your foot off the gas. In fact, you pushed harder.”
Hill told the Compensation Committee that there remains much work ahead. Among his top goals for 2023 and beyond are driving visitation to record highs, keeping the Las Vegas Convention Center booked with marquee events, and seeing the $600 million renovation of the North, Central, and South halls to completion.
Hill also said the authority will continue to improve the culture and work environment at the LVCVA.
LVCVA Compensation Committee members reasoned that in order to continue Las Vegas’ reign as one of the premier destinations for tourism and major events, the city marketing agency must be willing to shell out big bucks for the best executives in the business. The Las Vegas Review-Journal reported that even after Hill’s proposed compensation increases, his pay package would still “leave him below the average pay rate given to top leaders of destination marketing organizations nationwide.”
Lofty Convention Segment Goal
The LVCVA has set the goal of attracting 8.3 million convention attendees to the destination by the calendar year 2026. The current record for conventioneers in a single year is 6.6 million businesspeople, which was set in 2019.
Only five million people arrived in Southern Nevada last year primarily to attend a convention.
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