Patrick Dumont (pictured), the new chairman and chief executive of casino group Las Vegas Sands Corp (LVS), has a new employment contract that could be worth up to US$8.75-million annually in cash terms. Mr Dumont assumed the role on March 1 upon the retirement of Robert Goldstein.
Under his new employment agreement, Mr Dumont will receive a base salary of US$2.5 million, unchanged from his prior agreement. But he will be entitled to a target annual cash incentive award opportunity equal to 250 percent of his base salary, which would represent an additional US$6.25 million in cash terms.
He could also receive annually the equivalent of up to 725 percent of his base salary – i.e., up to a face value of US$18.125-million – in a equity award, meaning a potential total annual compensation package of US$26.875 million.
The information was given in a Thursday filing in the United States; the new agreement took effect on March 2, and the employment term runs until March 2, 2031.
Las Vegas Sands is the parent of Macau casino operator Sands China Ltd, and also of Marina Bay Sands Pte Ltd, the operator of the Marina Bay Sands casino resort in Singapore. Mr Dumont, a non-executive director of Hong Kong-listed Sands China, became on March 1 its chairman, in succession to Mr Goldstein.
On February 13, when Mr Dumont’s new role as chairman and chief executive had been confirmed, he had been quoted in a company press release saying it was a “true honour” to serve as chairman and CEO of “this iconic company”.
Mr Dumont had been appointed president and chief operating officer of Las Vegas Sands in January 2021, and has been a member of the board of directors since 2017, having joined the group in 2010.
Thursday’s filing also gave information on new employment agreements for Randy Hyzak, executive vice president and chief financial officer at Las Vegas Sands, and D. Zachary Hudson, executive vice president, global general counsel and secretary.
Mr Hyzak will be eligible for a base salary equal to US$1.35 million; a target annual cash incentive award opportunity equal to 200 percent of his base salary; and a target annual equity award opportunity equal to 250 percent of his base salary.
Mr Hudson will be eligible for a base salary equal to US$1.6 million; a target annual cash incentive award opportunity equal to 200 percent of his base salary; and a target annual equity award opportunity equal to 425 percent of his base salary.
Those new agreements also took effect on March 2, with the respective employment terms also running until March 2, 2031.
