Survey Finds Casino CFOs Have Most Vulnerable C-Level Jobs in Sector
High-ranking financial executives, known as chief financial officers (CFOs), are commonly found in top-tier companies across various industries. However, CFOs in these sectors often experience lower salaries compared to other high-level positions and frequent job insecurity, as seen in the casino gaming industry. This is based on recent research from Datarails.
CFOs no longer hold the top spot in terms of executive compensation across all industries. Instead, they're ranked fourth, following chief executive officers (CEOs), chief technology officers (CTOs), and chief operating officers (COOs). According to Datarails, CEOs earn the highest pay in the casino C-Suite, with an average of $11.3 million per year.
Datarails analyzed the SEC filings of publicly-traded casino companies to collect data on executive pay and job security. They found that CFOs in the casino sector earn around 30% more than the average salary in other industries, amounting to $4.5 million annually.
One notable example is MGM Resorts International, which has experienced some volatility in its CFO positions. MGM witnessed two CFOs between 2021 and 2022. In 2021, Jonathan Halkyard took over from Corey Sanders, who had held the position for two years after being appointed in 2019. Before Sanders, Dan D’Arrigo held the job, departing in 2019 as part of the company's cost-cutting measures after more than a decade in the role.
Though only in his third year at MGM, Halkyard's tenure has been notable. Under his watch, MGM has significantly reduced its share count.
Turning to job tenure, Datarails discovered that CFOs hold the least secure roles in the casino C-Suite, typically lasting around three years out of five years (2018-2022). The second-worst position is that of the CEO, who only lasts for an average of 3.2 years out of five, followed by general counsel (GC) at 3.75 years. The most stable roles in the industry are held by chief marketing officers (CMOs), COOs, and CTOs, who each stay in their positions for the maximum possible five years.
Other recent executive switches include Patrick Dumont leaving his CFO role at Las Vegas Sands to become COO and president. Rob Goldstein replaced Sheldon Adelson as the company's CEO. At Wynn, Craig Billings moved from CFO to CEO, with Julie Cameron-Doe stepping into the CFO role.
There weren't any notable CFO changes in the gaming industry last year, which is positive as such departures often result in temporary drops in stock prices. After a high-profile CFO's exit, a company's stock usually drops by 1% the next day and an additional 2% within 30 days before finally returning to its previous value after 180 days.
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