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2010 North American

Hospitality Compensation Exchange

Hotel/Casino Corporate Report©

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Welcome to HCE Data Services, the hotel/casino industry's most comprehensive guide to

compensation and benefits. We created the HCE to provide hotel/casino owners and operators

with current and credible information concerning salary, short-term and long-term incentive

trends.

Data from the 2010 Hotel/Casino Corporate Report© has been obtained through online survey

as well as public documentation. We hope that you will find the HCE an exciting tool for

managing your business, allowing you to attract and retain talent through equitable

compensation practices. The report includes data from 182 public and private companies.

Please see the report for details of the peer group and position descriptions. The report

presents data on the following:

Annual Base Salary

Annual Cash Bonus

Long-Term Incentives

Compensation By System Sales

Compensation By # of Properties

Compensation By Portfolio Room Count

Data is presented in percentile format (25th percentile, 50th percentile, 75th percentile). A

percentile is a measure of location in a distribution of numbers that defines the value below

which a given percentage of the data fall. For example, the 75th percentile is the point below

which 75 percent of the data fall. We prefer the percentile format, as it is a better reflection of

real compensation levels and is less susceptible to statistical outliers. All data is presented in

U.S Dollars. The data is current as of October 1, 2010. Please do not hesitate to contact us

should you have any questions relating to this report or wish to learn more about the HCE

Data ServicesTM

.

Keith Kefgen

CEO, HVS Executive Search

Email: [email protected]

mailto:[email protected]

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Table of Contents

Nationwide Salaries and Bonuses Page 4

Position Snapshot Page 5

Salary and Bonus Results by System Sales 0

Salary and Bonus Results by # of Properties Page 33

Salary and Bonus Results By Portfolio Room Count Page 36

Appendix A- Position Descriptions Page 39

Appendix B- Survey Group Page 41

Compensation Exchange Services Page 44

Office Locations Page 45

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Nationwide Base Salaries and Annual Cash Bonus

Position Salary 25th Percentile Salary 50th Percentile Salary 75th Percentile Bonus 50th Percentile

Executive

Chairman $157,500.00 $275,252.00 $387,500.00 $176,151.00

Chief Executive Officer $300,000.00 $450,000.00 $700,567.50 $202,810.00

Executive Vice President $255,000.00 $334,300.00 $441,450.00 $167,700.00

General Counsel $216,633.00 $281,653.50 $375,237.50 $111,601.00

Finance

Chief Financial Officer $176,401.00 $279,786.00 $370,162.50 $92,338.00

Chief Accounting Officer $107,941.50 $149,046.50 $200,000.00 $26,623.00

VP Finance $143,315.00 $181,254.00 $233,387.00 $43,395.00

Treasurer $127,542.75 $149,030.00 $190,336.25 $35,500.00

Operations

Chief Operating Officer $239,730.00 $337,589.00 $500,009.00 $130,472.00

Sr. VP Operations $185,500.00 $224,568.00 $298,908.50 $65,503.50

Regional VP Operations $150,000.00 $173,295.00 $216,295.00 $48,013.50

Chief Information Officer $129,938.50 $152,000.00 $221,500.00 $36,092.00

VP Revenue Management $109,242.00 $135,252.00 $158,402.00 $33,750.00

VP Purchasing $89,302.50 $112,052.50 $185,857.93 $24,343.00

Human Resources

Sr. VP Human Resources $137,979.50 $185,191.00 $238,000.00 $52,020.00

VP Human Resources $115,417.50 $141,400.00 $158,408.25 $24,750.00

Asset Management

Sr. VP Asset Management $156,060.00 $218,400.00 $321,360.00 $70,224.00

Food and Beverage

VP Food & Beverage $135,252.00 $166,464.00 $204,000.00 $27,000.00

Sales and Marketing

Sr. VP Sales/Marketing $139,804.25 $214,541.00 $273,285.64 $72,600.00

VP Sales $151,136.00 $180,173.00 $211,072.00 $44,598.50

VP Marketing $134,064.75 $160,634.00 $207,278.00 $40,668.00

VP Corporate Communications $112,530.00 $147,083.00 $177,763.50 $24,763.00

Development and Construction

Sr. VP Development $187,272.00 $246,471.00 $321,360.00 $92,596.00

VP Development $163,315.50 $191,300.00 $250,000.00 $77,492.00

VP Design & Construction $152,649.75 $190,000.00 $232,329.50 $60,856.00

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Chairman

Chairman 25th Percentile 50th Percentile 75th Percentile

Salary $157,500.00 $275,252.00 $387,500.00

Bonus

$176,151.00

Long-term Incentives $0.00 $60,000.00 $322,318.00

Salary by System Sales Greater Than $400 million $277,878.00 $325,000.00 $482,843.75

$150-400 million $93,750.00 $215,000.00 $435,588.50

Under $150 million $225,242.00 $249,375.00 $283,750.00

Salary by Room Count Greater than 8,500 Rooms $130,707.00 $300,000.00 $350,000.00

3,500-8,500 Rooms $250,000.00 $400,000.00 $561,211.00

Under 3,500 Rooms $202,500.00 $249,750.00 $282,500.00

Salary by # of Properties Greater Than 36 Properties $150,000.00 $300,000.00 $341,838.50

16-35 Properties $231,913.50 $275,000.00 $377,750.00

Under 15 Properties $229,545.00 $280,000.00 $518,105.50

*Long-Term Incentive: Dollar value of restricted stock grants, Black Scholes value of stock options and all other LTIP plans.

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Chief Executive Officer

Chief Executive Officer 25th Percentile 50th Percentile 75th Percentile

Salary $300,000.00 $450,000.00 $700,567.50

Bonus

$202,810.00

Long-term Incentives $13,768.75 $299,995.50 $883,764.25

Salary by System Sales Greater Than $400 million $514,064.25 $728,846.00 $1,063,758.25

$150-400 million $364,971.00 $500,000.00 $731,336.00

Under $150 million $198,237.00 $310,680.00 $450,000.00

Salary by Room Count Greater than 8,500 Rooms $450,000.00 $600,000.00 $1,000,000.00

3,500-8,500 Rooms $364,555.50 $505,279.00 $769,418.00

Under 3,500 Rooms $253,192.00 $371,961.00 $519,231.00


16-35 Properties $345,273.00 $458,392.50 $576,753.00



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Executive Vice President

Executive Vice President 25th Percentile 50th Percentile 75th Percentile

Salary $255,000.00 $334,300.00 $441,450.00

Bonus

$167,700.00

Long-term Incentives $13,081.00 $278,756.00 $480,409.00


$150-400 million N/A N/A N/A

Under $150 million $191,384.50 $260,000.00 $332,194.00

Salary by Room Count Greater than 8,500 Rooms N/A N/A N/A

3,500-8,500 Rooms N/A N/A N/A

Under 3,500 Rooms N/A N/A N/A

Salary by # of Properties Greater Than 36 Properties N/A N/A N/A

16-35 Properties N/A N/A N/A



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General Counsel

General Counsel 25th Percentile 50th Percentile 75th Percentile

Salary $216,633.00 $281,653.50 $375,237.50

Bonus

$111,601.00

Long-term Incentives $0.00 $55,200.00 $429,915.50

System Sales Greater Than $400 million $285,000.00 $350,000.00 $590,781.00

$150-400 million $200,000.00 $250,000.00 $300,000.00

Under $150 million $179,937.50 $232,469.00 $259,670.75


3,500-8,500 Rooms $250,294.75 $295,304.50 $319,770.00

Under 3,500 Rooms $185,000.00 $237,438.00 $295,474.00


16-35 Properties $218,859.00 $265,624.50 $305,580.00



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Chief Financial Officer

Chief Financial Officer 25th Percentile 50th Percentile 75th Percentile

Salary $176,401.00 $279,786.00 $370,162.50

Bonus

$92,338.00

Long-term Incentives* $0.00 $116,000.00 $462,350.50


$150-400 million $209,520.00 $288,470.50 $358,698.25

Under $150 million $145,581.89 $198,838.00 $297,187.50


3,500-8,500 Rooms $211,861.00 $297,249.50 $356,982.75

Under 3,500 Rooms $149,743.29 $213,797.00 $337,500.00


16-35 Properties $187,171.50 $290,304.50 $384,204.75



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Chief Accounting Officer

Chief Accounting Officer 25th Percentile 50th Percentile 75th Percentile

Salary $107,941.50 $149,046.50 $200,000.00

Bonus

$26,623.00

Long-term Incentives* $0.00 $0.00 $30,573.00


$150-400 million $99,048.00 $151,647.50 $200,504.75

Under $150 million $91,555.00 $120,000.00 $171,926.00


3,500-8,500 Rooms $99,845.00 $145,656.00 $198,884.50

Under 3,500 Rooms $91,555.00 $123,987.00 $175,000.00


16-35 Properties $101,942.50 $134,922.50 $181,592.25



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VP Finance

VP Finance 25th Percentile 50th Percentile 75th Percentile

Salary $143,315.00 $181,254.00 $233,387.00

Bonus $43,395.00



$150-400 million $142,144.50 $160,918.00 $221,250.00

Under $150 million $108,788.00 $137,625.50 $178,068.00


3,500-8,500 Rooms $139,759.50 $175,000.00 $217,500.00

Under 3,500 Rooms $105,884.00 $150,000.00 $187,272.00


16-35 Properties $131,710.00 $156,262.50 $206,845.50



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Treasurer

Treasurer 25th Percentile 50th Percentile 75th Percentile

Salary $127,542.75 $149,030.00 $190,336.25

Bonus

$35,500.00



$150-400 million $142,144.50 $160,918.00 $221,250.00

Under $150 million $135,126.00 $138,000.00 $157,951.50


3,500-8,500 Rooms $125,000.00 $135,252.00 $180,963.50

Under 3,500 Rooms $139,000.00 $149,030.00 $158,897.25





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Chief Operating Officer

Chief Operating Officer 25th Percentile 50th Percentile 75th Percentile

Salary $239,730.00 $337,589.00 $500,009.00

Bonus

$130,472.00



$150-400 million $256,118.25 $316,026.00 $380,212.00

Under $150 million $149,812.15 $240,000.00 $331,897.25


3,500-8,500 Rooms $252,622.00 $337,589.00 $457,744.00

Under 3,500 Rooms $174,024.75 $263,933.50 $359,091.00


16-35 Properties $240,962.25 $318,240.00 $418,329.50



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Sr. VP Operations

Sr. VP Operations 25th Percentile 50th Percentile 75th Percentile

Salary $185,500.00 $224,568.00 $298,908.50

Bonus

$65,503.50



$150-400 million $204,438.50 $235,000.00 $284,643.00

Under $150 million $151,030.00 $190,000.00 $223,105.00


3,500-8,500 Rooms $185,000.00 $234,090.00 $303,741.50

Under 3,500 Rooms $153,545.00 $197,676.00 $236,489.50


16-35 Properties $170,675.00 $207,602.50 $298,908.50



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Regional VP Operations

Regional VP Operations 25th Percentile 50th Percentile 75th Percentile

Salary $150,000.00 $173,295.00 $216,295.00

Bonus

$48,013.50



$150-400 million $151,914.00 $170,920.00 $214,367.75

Under $150 million $109,591.00 $155,775.00 $187,272.00


3,500-8,500 Rooms $168,545.00 $185,680.00 $235,336.00

Under 3,500 Rooms $144,069.25 $155,917.50 $197,212.50


16-35 Properties $160,336.25 $181,332.50 $243,536.75



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Chief Information Officer

Chief Information Officer 25th Percentile 50th Percentile 75th Percentile

Salary $129,938.50 $152,000.00 $221,500.00

Bonus

$36,092.00



$150-400 million $136,497.00 $152,000.00 $189,574.00

Under $150 million $115,294.00 $136,292.00 $146,804.00


3,500-8,500 Rooms $142,197.50 $154,074.00 $185,454.00

Under 3,500 Rooms $103,823.50 $117,707.50 $139,959.75


16-35 Properties $128,892.50 $147,562.00 $155,111.00



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VP Revenue Management

VP Revenue Management 25th Percentile 50th Percentile 75th Percentile

Salary $109,242.00 $135,252.00 $158,402.00

Bonus

$33,750.00



$150-400 million $135,000.00 $136,000.00 $156,060.00

Under $150 million $95,477.00 $106,500.00 $121,060.50


3,500-8,500 Rooms $133,951.50 $138,950.00 $156,645.50

Under 3,500 Rooms $97,318.00 $108,000.00 $140,328.00


16-35 Properties $108,621.00 $135,252.00 $156,076.00



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VP Purchasing

VP Purchasing 25th Percentile 50th Percentile 75th Percentile

Salary $89,302.50 $112,052.50 $185,857.93

Bonus

$24,343.00

Long-term Incentives* $0.00 $0.00 $0.00


$150-400 million $88,599.25 $106,450.00 $131,003.50

Under $150 million N/A N/A N/A


3,500-8,500 Rooms $79,383.00 $90,000.00 $107,302.50

Under 3,500 Rooms $87,210.00 $116,000.00 $214,200.00


16-35 Properties $76,876.00 $88,605.00 $107,703.75

Under 15 Properties N/A N/A N/A


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Sr. VP Human Resources

Sr. VP Human Resources 25th Percentile 50th Percentile 75th Percentile

Salary $137,979.50 $185,191.00 $238,000.00

Bonus

$52,020.00



$150-400 million $135,239.00 $172,523.50 $213,913.00

Under $150 million $105,999.00 $150,394.50 $185,454.00


3,500-8,500 Rooms $145,656.00 $194,555.00 $231,412.00

Under 3,500 Rooms $99,333.25 $143,475.50 $176,474.50


16-35 Properties $142,068.75 $182,590.00 $230,409.00



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VP Human Resources

VP Human Resources 25th Percentile 50th Percentile 75th Percentile

Salary $115,417.50 $141,400.00 $158,408.25

Bonus

$24,750.00



$150-400 million $119,666.50 $145,762.00 $170,721.50

Under $150 million $113,550.00 $131,728.00 $143,564.00


3,500-8,500 Rooms $111,566.00 $140,000.00 $162,105.50

Under 3,500 Rooms $113,550.00 $131,728.00 $141,914.00


16-35 Properties $118,650.00 $138,294.50 $149,624.25



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Sr. VP Asset Management

Sr. VP Asset Management 25th Percentile 50th Percentile 75th Percentile

Salary $156,060.00 $218,400.00 $321,360.00

Bonus

$70,224.00

Long-term Incentives* $21,080.00 $52,813.00 $173,404.00


$150-400 million $155,527.50 $218,400.00 $291,844.50



3,500-8,500 Rooms N/A N/A N/A






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VP Food &Beverage

VP Food & Beverage 25th Percentile 50th Percentile 75th Percentile

Salary $135,252.00 $166,464.00 $204,000.00

Bonus

$27,000.00



$150-400 million $124,217.00 $166,464.00 $179,767.00

Under $150 million $103,000.00 $139,500.00 $145,000.00


3,500-8,500 Rooms $133,863.00 $160,000.00 $191,104.00

Under 3,500 Rooms $140,235.50 $143,721.00 $191,198.50


16-35 Properties $133,863.00 $140,000.00 $171,075.00



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Sr. VP Sales/Marketing

Sr. VP Sales/Marketing 25th Percentile 50th Percentile 75th Percentile

Salary $139,804.25 $214,541.00 $273,285.64

Bonus

$72,600.00



$150-400 million $191,456.00 $223,105.00 $240,240.50

Under $150 million $111,979.00 $143,838.00 $178,484.00


3,500-8,500 Rooms $147,186.50 $219,190.50 $271,304.00

Under 3,500 Rooms $114,741.00 $141,919.00 $214,975.50


16-35 Properties $137,128.50 $201,479.50 $233,885.50



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VP Sales

VP Sales 25th Percentile 50th Percentile 75th Percentile

Salary $151,136.00 $180,173.00 $211,072.00

Bonus

$44,598.50



$150-400 million $160,207.50 $178,459.50 $209,216.00

Under $150 million $125,000.00 $156,558.00 $180,346.00


3,500-8,500 Rooms $154,918.50 $165,390.50 $229,950.00

Under 3,500 Rooms $125,000.00 $179,492.50 $206,070.50


16-35 Properties $151,639.50 $165,390.50 $203,653.00



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VP Marketing

VP Marketing 25th Percentile 50th Percentile 75th Percentile

Salary $134,064.75 $160,634.00 $207,278.00

Bonus

$40,668.00



$150-400 million $131,143.00 $165,000.00 $263,688.00

Under $150 million $108,591.00 $135,000.00 $152,007.00


3,500-8,500 Rooms $134,176.50 $162,090.50 $175,481.75

Under 3,500 Rooms $111,295.50 $135,252.00 $180,337.00


16-35 Properties $120,454.50 $143,442.50 $169,469.25



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VP Corporate Communications

VP Corporate Communications 25th Percentile 50th Percentile 75th Percentile

Salary $112,530.00 $147,083.00 $177,763.50

Bonus

$24,763.00



$150-400 million $87,684.75 $115,417.00 $126,957.50



3,500-8,500 Rooms $113,973.50 $134,523.50 $167,280.50



16-35 Properties $116,860.50 $125,903.00 $158,560.75

Under 15 Properties N/A N/A N/A


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Sr. VP Development

Sr. VP Development 25th Percentile 50th Percentile 75th Percentile

Salary $187,272.00 $246,471.00 $321,360.00

Bonus

$92,596.00



$150-400 million $191,659.00 $227,750.00 $268,740.25

Under $150 million $138,161.50 $194,788.00 $257,033.50


3,500-8,500 Rooms $187,954.00 $241,176.50 $291,808.50

Under 3,500 Rooms $144,929.25 $205,479.00 $274,123.00


16-35 Properties $163,610.00 $225,500.00 $271,492.00



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VP Development

VP Development 25th Percentile 50th Percentile 75th Percentile

Salary $163,315.50 $191,300.00 $250,000.00

Bonus

$77,492.00



$150-400 million $181,693.50 $191,887.00 $209,132.00

Under $150 million $118,380.25 $168,478.00 $250,000.00


3,500-8,500 Rooms $170,856.00 $176,343.00 $191,175.00

Under 3,500 Rooms $121,544.00 $191,300.00 $232,133.00


16-35 Properties $177,438.00 $191,300.00 $228,102.50



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VP Design & Construction

VP Design & Construction 25th Percentile 50th Percentile 75th Percentile

Salary $152,649.75 $190,000.00 $232,329.50

Bonus

$60,856.00



$150-400 million $139,581.50 $176,868.00 $213,542.00

Under $150 million $104,116.00 $164,509.00 $176,868.00


3,500-8,500 Rooms $150,318.50 $190,000.00 $237,618.00

Under 3,500 Rooms $114,482.00 $176,868.00 $254,317.00


16-35 Properties $130,050.00 $190,000.00 $216,450.00



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Salary and Bonus Results by System Sales: Greater Than $400,000,001


Executive

Chairman $277,878.00 $325,000.00 $482,843.75 $306,000.00

Chief Executive Officer $514,064.25 $728,846.00 $1,063,758.25 $465,624.50


General Counsel $285,000.00 $350,000.00 $590,781.00 $136,117.00

Finance



VP Finance $181,254.00 $206,903.00 $264,262.00 $52,038.50

Treasurer $175,000.00 $196,927.00 $216,647.00 $98,463.00

Operations


Sr. VP Operations $222,022.50 $291,931.50 $324,381.00 $117,486.00




VP Purchasing $154,416.75 $186,789.95 $203,055.75 $46,745.50

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $186,391.00 $204,578.00 $214,200.00 $72,843.00

Sales and Marketing


VP Sales $162,086.00 $195,637.67 $239,850.00 $52,497.50

VP Marketing $158,131.50 $184,525.00 $235,477.59 $64,313.00




VP Development $164,250.00 $188,861.00 $265,227.25 $81,599.50


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Salary and Bonus Results by System Sales: $150,000,001-$400,000,000


Executive

Chairman $93,750.00 $215,000.00 $435,588.50 $300,000.00


Executive Vice President N/A N/A N/A N/A

General Counsel $200,000.00 $250,000.00 $300,000.00 $91,148.00

Finance



VP Finance $142,144.50 $160,918.00 $221,250.00 $47,390.50

Treasurer N/A N/A N/A N/A

Operations


Sr. VP Operations $204,438.50 $235,000.00 $284,643.00 $68,666.00




VP Purchasing $88,599.25 $106,450.00 $131,003.50 $16,879.00

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $124,217.00 $166,464.00 $179,767.00 $16,666.00

Sales and Marketing


VP Sales $160,207.50 $178,459.50 $209,216.00 $41,793.00

VP Marketing $131,143.00 $165,000.00 $263,688.00 $41,846.00




VP Development $181,693.50 $191,887.00 $209,132.00 $85,775.50


32


Salary and Bonus Results by System Sales: Less than $150,000,000


Executive

Chairman $225,242.00 $249,375.00 $283,750.00 $25,099.50



General Counsel $179,937.50 $232,469.00 $259,670.75 $73,394.00

Finance



VP Finance $108,788.00 $137,625.50 $178,068.00 $16,952.00

Treasurer $135,126.00 $138,000.00 $157,951.50 $30,731.00

Operations


Sr. VP Operations $151,030.00 $190,000.00 $223,105.00 $36,351.00




VP Purchasing N/A N/A N/A N/A

Human Resources



Asset Management

Sr. VP Asset Management N/A N/A N/A N/A

Food and Beverage

VP Food & Beverage $103,000.00 $139,500.00 $145,000.00 $25,505.00

Sales and Marketing


VP Sales $125,000.00 $156,558.00 $180,346.00 $26,301.00

VP Marketing $108,591.00 $135,000.00 $152,007.00 $20,053.50

VP Corporate Communications N/A N/A N/A N/A



VP Development $118,380.25 $168,478.00 $250,000.00 $29,131.00


33


Salary and Bonus Results by # of Properties: Greater than 36 Properties


Executive

Chairman $150,000.00 $300,000.00 $341,838.50 $44,760.00



General Counsel $216,633.00 $291,593.00 $378,125.00 $147,234.00

Finance



VP Finance $162,419.50 $197,772.90 $233,830.50 $52,260.00

Treasurer $120,028.50 $135,000.00 $203,463.50 $98,463.00

Operations


Sr. VP Operations $218,121.00 $240,576.00 $319,874.00 $88,500.00




VP Purchasing $123,721.00 $176,014.00 $186,789.95 $44,835.50

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $196,229.50 $204,578.00 $218,425.50 $84,537.50

Sales and Marketing


VP Sales $158,315.00 $180,346.00 $230,390.50 $48,015.00

VP Marketing $146,134.50 $180,000.00 $223,534.50 $66,933.50




VP Development $164,500.00 $192,474.00 $265,151.50 $78,030.00


34


Salary and Bonus Results by # of Properties: 16-35 Properties


Executive

Chairman $231,913.50 $275,000.00 $377,750.00 $178,000.00



General Counsel $218,859.00 $265,624.50 $305,580.00 $64,682.00

Finance



VP Finance $131,710.00 $156,262.50 $206,845.50 $40,159.50

Treasurer N/A N/A N/A N/A

Operations


Sr. VP Operations $170,675.00 $207,602.50 $298,908.50 $45,206.00




VP Purchasing $76,876.00 $88,605.00 $107,703.75 $8,198.50

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $133,863.00 $140,000.00 $171,075.00 $23,686.00

Sales and Marketing


VP Sales $151,639.50 $165,390.50 $203,653.00 $30,816.00

VP Marketing $120,454.50 $143,442.50 $169,469.25 $32,798.50




VP Development $177,438.00 $191,300.00 $228,102.50 $73,801.00


35


Salary and Bonus Results by # Properties: 1-15 Properties


Executive

Chairman $229,545.00 $280,000.00 $518,105.50 $181,151.00



General Counsel $220,158.00 $308,000.00 $535,836.50 $98,321.00

Finance



VP Finance $105,884.00 $150,000.00 $250,000.00 $33,241.00

Treasurer $140,000.00 $156,060.00 $162,421.50 $30,499.00

Operations


Sr. VP Operations $158,447.00 $203,814.50 $255,285.75 $45,538.50




VP Purchasing N/A N/A N/A N/A

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $142,442.00 $145,000.00 $186,391.00 $53,699.00

Sales and Marketing


VP Sales $125,000.00 $187,272.00 $207,768.00 $54,062.00

VP Marketing $135,252.00 $159,181.00 $185,674.00 $35,000.00




VP Development $145,656.00 $174,844.00 $250,000.00 $50,000.00


36


Salary and Bonus Results by Room Count: Greater than 8,500 Rooms


Executive

Chairman $130,707.00 $300,000.00 $350,000.00 $190,000.00

Chief Executive Officer $450,000.00 $600,000.00 $1,000,000.00 $502,500.00


General Counsel $227,500.00 $303,400.00 $387,500.00 $147,234.00

Finance



VP Finance $155,183.50 $200,173.00 $250,295.50 $55,794.00

Treasurer $125,057.00 $185,000.00 $210,000.00 $89,970.00

Operations


Sr. VP Operations $218,363.00 $257,483.00 $330,508.00 $117,265.50




VP Purchasing $132,381.50 $180,469.95 $191,325.75 $36,895.00

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $175,421.00 $196,518.50 $204,923.75 $72,843.00

Sales and Marketing


VP Sales $160,200.50 $184,121.00 $235,598.25 $48,626.00

VP Marketing $153,434.00 $180,000.00 $237,240.17 $82,620.50




VP Development $168,333.00 $202,878.00 $278,307.50 $94,059.00


37


Salary and Bonus Results by Room Count: 3,501-8,500 Rooms


Executive

Chairman $250,000.00 $400,000.00 $561,211.00 $25,000.00



General Counsel $250,294.75 $295,304.50 $319,770.00 $66,856.50

Finance



VP Finance $139,759.50 $175,000.00 $217,500.00 $42,761.00

Treasurer $125,000.00 $135,252.00 $180,963.50 $47,555.50

Operations


Sr. VP Operations $185,000.00 $234,090.00 $303,741.50 $27,455.00




VP Purchasing $79,383.00 $90,000.00 $107,302.50 $7,957.00

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $133,863.00 $160,000.00 $191,104.00 $27,000.00

Sales and Marketing


VP Sales $154,918.50 $165,390.50 $229,950.00 $26,301.00

VP Marketing $134,176.50 $162,090.50 $175,481.75 $37,062.00




VP Development $170,856.00 $176,343.00 $191,175.00 $48,378.50


38


Salary and Bonus Results by Room Count: Less than 3,500 Rooms


Executive

Chairman $202,500.00 $249,750.00 $282,500.00 $200,000.00



General Counsel $185,000.00 $237,438.00 $295,474.00 $77,500.00

Finance



VP Finance $105,884.00 $150,000.00 $187,272.00 $39,723.50

Treasurer $139,000.00 $149,030.00 $158,897.25 $30,731.00

Operations


Sr. VP Operations $153,545.00 $197,676.00 $236,489.50 $47,217.50




VP Purchasing $87,210.00 $116,000.00 $214,200.00 $29,000.00

Human Resources



Asset Management


Food and Beverage

VP Food & Beverage $140,235.50 $143,721.00 $191,198.50 $26,010.00

Sales and Marketing


VP Sales $125,000.00 $179,492.50 $206,070.50 $54,062.00

VP Marketing $111,295.50 $135,252.00 $180,337.00 $27,596.50




VP Development $121,544.00 $191,300.00 $232,133.00 $37,923.00


39


Appendix A-Position Descriptions

Chairman: Leads the Board of Directors. Responsible to shareholders of the company.

Chief Accounting Officer: Reports to Chief Financial Officer. Responsible for accounting compliance and recording. Responsible

for Sarbanes-Oxley compliance.

Chief Executive Officer: Reports to Board of Directors and/or shareholders. Oversees entire company. Makes final decisions on

financial and corporate matters. Responsible for development of corporate vision, as well as short and long-term business plans.

Chief Financial Officer: Reports to Chief Executive Officer. Acts as chief strategist with CEO to define company financial performance

goals. Supervises finance, treasury and accounting staff. Implements and manages a comprehensive financial reporting system

for performance measures and budgeting purposes. Develops and maintains control of expenditures and profit maximization.

Chief Operating Officer: Reports to Chief Executive Officer. Responsible for all operating aspects of the company. Assesses

operational performance of properties and advises Board Members and/or CEO of trends.

Chief Information Officer: Reports to Chief Financial Officer. Plans, directs, designs, and oversees implementation of company-wide

systems. Installs and maintains all computerized systems in corporate offices. Researches information industry to determine

the most beneficial computer systems for company. Maintains financial databases for legal reporting purposes.

Executive Vice President: Reports to Chief Executive Officer. Responsible for maximizing an organization’s operating performance and

achieving Its financial goals.

General Counsel: Report to Chief Executive Officer. Provides legal counsel to senior executives in all business matters including

mergers and acquisitions, franchising, development, and so forth. Writes and edits contracts and researches legal precedents for

business purposes.

Sr. VP Asset Management: Reports to either owner or COO. Responsible for supervising the company's assets and maximizing operating

efficiencies and revenues.

Sr. VP Development: Reports to Chief Executive Officer. Senior development officer responsible for company business development.

Directs management contract negotiations, joint ventures, equity partnerships, franchise sales, sale/leasebacks, mergers and acquisitions,

when and where appropriate. Supervises development team and support staff.

Sr. VP Human Resources: Reports to Chief Executive Officer and/or Chief Operating Officer. Provides counsel to senior executives in labor

laws and human Resources management. Implements company-wide procedures to manage human Resources including, compensation &

benefits, recruiting, terminating, organizational development, succession planning, employee relations, training and manpower planning.

Sr. VP Operations: Reports to Chief Operating Officer and/or President/Chief Executive Officer. Develops operating strategies for

increasing financial performance of properties. Focuses operating team of company according to corporate culture and business goals.

Sr. VP Sales/Marketing: Reports to CEO or COO/President. Responsible for overall direction of company's sales and marketing

efforts, strategic marketing and direction of corporate sales and marketing teams.

40


Appendix A-Position Descriptions

Treasurer: Reports to Chief Financial Officer. Responsible for negotiations and transactions with financial institutions. Coordinates

cash management for company.

VP Corporate Communications: Reports to Chief Executive Officer & Chief Financial Officer. Responsible for being the public voice

of the company on public relations, governmental correspondence and shareholder communication.

VP Design & Construction: Reports to Chief Executive Officer & Chief Financial Officer. Responsible for all property design and construction

including project management, property rehabilitation, third party vendor supervision, permitting and budget review.

VP Development: Reports to SVP Development. Sources and negotiates deals for business development. Source management contracts,

real estate transactions, or franchise deals developing on organization.

VP Finance: Reports to CFO and/or Treasurer. Responsible for facilitating the financing and equity purchase and/or sale of company

assets. Negotiates with financial institutions regarding financing, refinancing and capital structure terms.

VP Food & Beverage: Reports to COO and/or President. Provides leadership and vision for the company's Food & Beverage division.

Develops programs to assist in the accomplishment of the division's mission. Strategize business concepts including decor, menus,

service styles, etc., for all food & beverage outlets.

VP Human Resources: Reports to Sr. VP Human Resources. Involved with implementing programs designed by SVP as well as recruiting

and retaining top talent for the company.

VP Marketing: Reports to SVP Sales and Marketing. Provides market analysis for each property local to ensure that target markets

are being pursued. Develops advertising, PR and promotions strategy for the company.

VP Purchasing: Reports to CFO and/or COO. Accountable for the establishment and implementation of programs and policies for the

purchase and distribution of hotel supplies, food and beverage, equipment and other supplies.

VP Revenue Management: Reports to CFO and/or COO. Responsible for company-wide revenue management programs and initiatives.

VP Sales: Reports to SVP Sales and Marketing. Responsible for all direct rooms sales efforts on behalf of entire company. Develops

sales strategies, systems, and national account programs for the company. Leads sales staff to meet company sales goals.

41


Appendix B-Survey Group

Accor Corporation Concord Hospitality Enterprises Company

Alliance Hospitality Crescent Hotels & Resorts

Alliance Hospitality Management Crestline Hotels & Resorts

Allied Hotel Properties Crown American Hotels

Alta Hotel Group CSM Corporation

Ambrose Collection Daktronics

American Wagering Davidson Hotel Company

Ameristar Casinos Decatur Hotels

Apple REIT Six Delaware North Companies

ARAMARK Denihan Hospitality Group

Archon Corporation Destination Hotels & Resorts

Ardent Hotel Advisors DiamondRock Hospitality Company

Ashford Hospitality Trust Dolce Hotels and Resorts

Auberge Resorts Dover Downs Gaming & Entertainment

Bally Technologies Dow Hotel Company

Benchmark Hospitality Edgewater Beach Realty

Best Western International Edward Thomas Companies

Blackstone Group Elixir Gaming Technologies

Bluegreen Resorts Empire Resorts

Boyd Gaming Encore Enterprises

Boykin Management Company Fairmont Raffles Hotels International

Briad Group FelCor Lodging Trust

Brutger Equities Forest City Enterprises

Cadbridge Four Seasons Hotels & Resorts

Canterbury Park Holding Corporation Full House Resorts

Canyon Ranch Management Gamehost Income Fund

Carlson Companies GameTech International

Castle Hotels & Resorts Gaming Partners International

Century Casinos Gansevoort Hotel Group

Chatham Lodging Trust Gaylord Entertainment

Chesapeake Hospitality Gemstone Hotels & Resorts

Chesapeake Lodging Trust Generation Companies

Choice Hotels International Germain Group

Churchill Downs Ginn Company

Coakley & Williams Hotel Management Company Global Cash Access

Colonial Williamsburg Foundation Great Wolf Resorts

Commonwealth Hotels Hampshire Hotels & Resorts

42



Hard Rock Las Vegas Sands

Harrah's Entertainment LaSalle Hotel Properties

HEI Hotels & Resorts Leading Hotels Of The World

Herbst Gaming Lodgian

Hersha Hospitality Trust Loews

Hershey Entertainment & Resorts LQ Management (LaQuinta Inns & Suites)

Highgate Hotels Mandarin Oriental Hotel Group

Hilton Worldwide Marcus Corporation

Hospitality Properties Trust Marriott International

Host Hotels & Resorts Maui Land & Pineapple Company

Hotel Group Meyer Jabara Hotels

Hotel Investment Services MGM Resorts International

Hotels AB Monarch Casinos & Resort

HVS Hotel Management Morgans Hotel Group

Hyatt Hotels Corporation MTM Luxury Lodging

Ian Schrager Company MTR Gaming Group

IMIC Hotels Multimedia Games

InnSuites Hospitality Naman Hotels

Innvest Real Estate Nevada Gold & Casinos

International Game Technology New Castle Hotels & Resorts

Interstate Hotels & Resorts Noble House Hotels & Resorts

Intrawest Corporation Noble Investment Group

Island Hospitality Management North Central Group

Isle of Capri Casinos Omni Hotels

Janus Hotels & Resorts Orient Express Hotels

JC Resorts Outrigger Hotels & Resorts

JF Capital Advisors Reunion Hospitality Trust Outrigger Lodging Services

John Q. Hammons Hotels Pacific Hotel Management

Joie De Vivre Hotels Pebble Beach Company

Jumeirah Penn National Gaming

Kerzner International Pinnacle Entertainment

Kimpton Hotels & Restaurants Group PokerTek

Kohler Company Presidian

Lakes Entertainment Prism Hotels & Resorts

Landry's Restaurants Pyramid Advisors

Lane Hospitality Red Lion Hotels Corporation

Larkspur Hotels & Restaurants Richfield Hospitality

43



RIM Hospitality Supertel Hospitality

Rosewood Hotels & Resorts Tarsadia Hotels

Sage Hospitality Resources Thompson Hotels

Saul Centers Trans World

Scientific Games Corporation TransAct Technologies

Seagate Hospitality Trump Entertainment Resorts

Seneca Gaming Corporation Turnberry Associates

Shuffle Master Vail Resorts

Skye Hospitality Viceroy Hotel Group

Sonesta International Hotels Corporation Walt Disney Company

Stafford Companies Waterford Hotel Group

Starwood Hotels & Resorts Worldwide White Lodging Services

Station Casinos WMS Industries

Stonebridge Companies Wyndham Worldwide

Strategic Hotels & Resorts Wynn Resorts

Sunburst Hospitality Xanterra Parks & Resorts

Sunstone Hotel Investors Youbet.com

44


Success in the hotel and gaming industries is based on the ability to attract, retain and motivate superior talent. Furthermore, organizations must have fair and transparent reward plans that can stand up to shareholder/owner scrutiny. The most tangible way to accomplish this is by linking pay and performance. HVS offers you an integrated approach to compensation management balanced with an intimate knowledge of the industries we serve.

Why use an industry boutique, such as HVS, versus a generalist firm? Foremost, we understand the underlying business metrics that drive success. Our practice leaders are professionally certified, have prior operating experience in each industry and are located in one of 24 global offices. In addition, you can tap into the largest source of industry compensation data through HCE Data Services™.

Our intent is to offer you an independent viewpoint and a customized solution. We believe that one size does not fit all. Tailored approaches are available in the following core competencies:

Analysis of existing/proposed total compensation plans Incentive plan design that fosters value creation based on industry and company specific metrics In conjunction with counsel, negotiate and draft employment contracts, change-in-control and severance

provisions Create board director compensation plans Serve as consultant of record to compensation committees Communication and implementation of newly created programs Expert witness testimony and litigation support Provide customized data reporting from HCE Data Services™ HCE Data Services™ is the largest industry data source for compensation information. HCE surveys are

conducted for the hotel, gaming, and restaurant industries encompassing corporate and unit-level positions. Furthermore, you have access to more focused reports through HCE Select and HCE Custom.

HCE Annual Report HCE Reports contain an executive summary of the national survey data. The data is categorized by suitable industry criteria. Hotel, Restaurant, and Casino Reports are available for purchase on our website. HCE Select HCE Select generates criteria specific reports based on data from the national survey. You can determine your own query parameters for an HCE Select Report. The HCE Select program allows for numerous parameters to be considered simultaneously.

HCE Custom HCE Custom creates client-defined reports from newly gathered data. A HCE Custom gives you access to information not collected in the national surveys. Custom surveys are designed to consider an unlimited number of parameters, positions, and questions. This ground-up approach results in a fully customized report. Participating in the HCE As confidentiality is the cornerstone of our business, protecting the reputation and data integrity of the participants is of critical importance. To that end, we only provide results in aggregate format.

45


HVS Executive Search - Offices

NEW YORK

Keith Kefgen

Chief Executive Officer

369 Willis Avenue

Mineola, New York 11501

+1 (516) 248-8828 ext 220

+1 (516) 742-1905 fax

[email protected]

David Mansbach

Partner, North America

+1 (516) 248-8828 ext 262

[email protected]

Doug Rosen


+1 (516) 248-8828 ext 251

[email protected]

Jim Houran


+1 (516) 248-8828 ext. 264

[email protected]

LONDON

Christopher Mumford

7-10 Chandos Street

Cavendish Square

London, W1G 9DQ

United Kingdom

+44 20 7878-7740

+44 20 7878-7799 fax

[email protected]

HONG KONG

Mark Keith

1-2F, 24 Sai Kung Tai Street

Sai Kung, Hong Kong

+852 2791 58681

[email protected]

MOSCOW

Tatiana Veller

31 B. Yakimanka Str.

office 315

Moscow, 119180

+7 499 230 0117

[email protected]

NEW DELHI

Manav Thadani

6th floor, Tower - C

Building No. 8

DLF Cyber City, Phase II

Gurgaon 122 002

India

+91 124 461 6000

[email protected]

MUMBAI

Anjali Dureja

501, 5th floor, Landmark

136, Hill Road, Bandra (West)

Mumbai, 400050

+91 22 6452 3004

[email protected]

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