Steve Wynn starts off 2017 with $12.5M in stock compensation

Casino mogul Steve Wynn is going into 2017 an even richer man.

Last week, the Wynn Resorts chief executive officer reportedly received $12.5 million in company stock, which is part of his compensation package for 2016. According to Las Vegas Review-Journal’s Todd Price, this year’s figure is a boost from 2015’s $8.75 million, indicating it may be Wynn’s highest payout to date.

Wynn Resorts came out with a new compensation package in 2014, which saw Wynn’s fixed salary slashed from $4 million to $2.5 million. In 2015, the casino mogul’s annual incentive payout totaled to $17.5 million, and it was paid half in cash and the other half in shares due to the company’s financial status and the “competitive landscape of the labor market.”

The announcement indicates Wynn will receive $25 million in total—the maximum allowed by the company’s compensation plan, according to the news outlet. Wynn’s incentive payout is based on the casino company’s adjusted earnings before interest, taxes, depreciation and amortization as well as the progress on the newly-opened Wynn Palace casino in Cotai, which recently premiered 25 new gaming tables.