Lim Kok Thay (pictured), executive chairman of casino developer Genting Singapore Ltd, saw his annual renumeration more than double in 2020, despite the negative impact on the firm’s business wrought about by the Covid-19 pandemic. Mr Lim is the current head of the Genting group’s founding dynasty.
Genting Singapore is the promoter of Singapore’s Resorts World Sentosa casino complex.
According to disclosures in Genting Singapore’s 2020 annual report, Mr Lim received remuneration of at least SGD21.25 million (US$15.79 million) in full-year 2020, up 123.7 percent from minimum pay amounting to SGD9.50 million in 2019.
The 2020 remuneration – including bonuses – was below SGD21.50 million, said the company. The disclosures state that the annual bonus accounted for 81.1 percent of Mr Lim’s aggregate remuneration last year, with another 18.7 percent as his base salary.
In 2019, the base salary accounted for 52.8 percent of Mr Lim’s remuneration, with the annual bonus amounting to 46.7 percent, according to Genting Singapore’s 2019 annual report.
In early February, Genting Singapore posted a SGD69.2-million net profit for full-year 2020, down 89.9 percent from the previous year, amid the disruption to tourism and leisure because of Covid-19. Revenue for the reporting period fell by 57.1 percent year-on-year, to just above SGD1.06 billion.
The company declared a final dividend for 2020 of SGD0.01 per ordinary share, amounting in aggregate to SGD120.6 million. That compared with a final dividend of SGD0.025 per share for 2019.
Genting Singapore’s chief operating officer (COO) Tan Hee Teck received an aggregate remuneration of between SGD2.75 million and SGD3.00 million in 2020, compared to a pay in the range of SGD6.25 million to SGD6.50 million a year earlier.
In 2020, Mr Tan’s base salary accounted for 81.2 percent of his aggregate remuneration, while it had been only 45.5 percent of his 2019 remuneration. The COO received a bonus amounting to 17.0 percent of his 2020 pay, compared to 53.7 percent in 2019, according to the firm’s disclosures.
In his chairman statement in the 2020 annual report, Mr Lim said the company’s operations and financial performance “were severely impacted” by the pandemic. “Looking ahead, we expect the outlook to remain challenging with the ongoing Covid-19 pandemic,” he added.
Genting Singapore said earlier this month that it had granted a total of SGD1.7-million worth of performance-based shares to directors of the firm, including Mr Lim and Mr Tan.
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”We are filled with gratitude and excitement as we approach our opening this June and hope to play a role in Las Vegas’s rebound after what has been an incredibly challenging year”
President of Resorts World Las Vegas