Mega Packages

Bumper pay for chiefs of casino players

Resorts World Sentosa (RWS), rewarded president and chief operating officer Tan Hee Teck with performance shares worth an eye-popping $29 million at current prices. -- PHOTO: BLOOMBERG
Resorts World Sentosa (RWS), rewarded president and chief operating officer Tan Hee Teck with performance shares worth an eye-popping $29 million at current prices. -- PHOTO: BLOOMBERG
Mr Robert Goldstein, who was promoted to president and chief operating officer, took home US$3.6 million and stock options worth about US$45 million last year. Those options vest over a five year period. -- PHOTO: NEW PAPER FILE
Mr Robert Goldstein, who was promoted to president and chief operating officer, took home US$3.6 million and stock options worth about US$45 million last year. Those options vest over a five year period. -- PHOTO: NEW PAPER FILE

Performance shares, options boost pay packages of LVS, Genting bosses

IT PAYS to be a top executive at Las Vegas Sands Corp (LVS) and Genting Singapore.

Most bosses at LVS, which owns Marina Bay Sands and several other casinos around the world, enjoyed bumper pay packages last year, along with perks, including personal security services and country club memberships.

Mr Robert Goldstein, who was promoted to president and chief operating officer, took home US$3.6 million and stock options worth about US$45 million last year. Those options vest over a five year period. That's up from US$3.5 million in 2013.

Mr Goldstein received a grant of 2.225 million stock options on Dec 9 last year, when he signed his 2015 employment agreement.

Companies award stock options to recruit and retain key employees. Options give holders the right to buy the underlying shares at predetermined prices, before specified expiration dates.

Stock or option grants also allow companies to defer some of the compensation. Usually, no cash outlay is necessary until the stock or the option vests.

Mr Goldstein received a salary of US$1.5 million last year, a cash bonus of US$1.45 million and US$656,790 in perks.

He joined LVS in 1995 and has served in several executive positions for the company, including president and chief operating officer of The Venetian and Palazzo and, most recently, as president of global gaming operations.

He replaced Mr Michael Leven, who retired on Dec 31 last year, after having served as president and chief operating officer since 2009.

Mr Goldstein spent 15 years developing casino-hotels in the US and the Caribbean prior to joining LVS. In addition to overseeing LVS' gaming operations, he helped develop the company's global retail strategy and brought edgy dining, nightlife and entertainment concepts to its properties.

LVS chairman Sheldon Adelson took home nearly US$8.3 million in pay last year, plus US$3.63 million in corporate perks such as personal car and security services. He received a US$1 million salary, a cash bonus of US$3.71 million and stock and option awards worth $3.65 million. 

Mr Leven took home US$7.88 million last year, including a US$3.07 million salary, a cash bonus of US$2.9 million and US$1.91 million in perks, including personal jet use, country club dues and a retirement gift watch worth US$40,943.

Genting Singapore, which operates Resorts World Sentosa (RWS), rewarded president and chief operating officer Tan Hee Teck with performance shares worth an eye-popping $29 million at current prices. In addition, he was paid between $4 million and $4.25 million last year.

Specifically, he was awarded 27.75 million performance shares for the financial year ended Dec 31 for his role in Genting's expansion abroad, including the US$1.8 billion Resorts World Jeju project in South Korea.

The vesting of these shares is subject to pre-agreed service and performance conditions. Not all the shares may be awarded if targets are not met.

Genting executive chairman Lim Kok Thay took home between $9 million and $9.25 million last year, plus 750,000 performance shares.

gleong@sph.com.sg