GGRAsia – LVS boss Goldstein’s pay dipped 19 pct in 2016

LVS boss Goldstein’s pay dipped 19 pct in 2016

Apr 24, 2017 Newsdesk Industry Talk, Latest News, Macau, Top of the deck, World

The total compensation package of Robert Goldstein (pictured), president and chief operating officer of casino operator Las Vegas Sands Corp, fell 18.7 percent year-on-year in 2016 according to a proxy filing by the company.

His total compensation was just over US$8.20 million, compared to nearly US$10.09 million in the prior-year period.

In January, Las Vegas Sands had reported the group’s 2016 net income had fallen 15.1 percent year-on-year, to US$1.67 billion. The group is parent of Macau casino operator Sands China Ltd.

Friday’s proxy filing for the group noted that in February 2017, “based on the company’s achievement of 95.1 percent of its predetermined nine-month EBITDA [earnings before interest, taxation, depreciation and amortisation]-based performance target,” Mr Goldstein had been awarded a bonus of just over US$3.23 million for his 2016 performance. He did not receive any stock grants for that year, according to the filing.

Also in Friday’s regulatory document, the group reported that Patrick Dumont – a son-in-law of company chairman Sheldon Adelson – and who joined the firm’s executive compensation named officer list in 2016 in his role as executive vice president and chief financial officer, had a total compensation package higher than Mr Goldstein’s that year, at US$8.92 million. Mr Dumont’s package included US$6.55-million in stock option awards.

George Tanasijevich, chief executive and president of the firm’s Singapore venue Marina Bay Sands, as well as the group’s managing director, global development, joined the named list in 2016 with total compensation of just over US$2.03 million.

Mr Adelson’s own compensation package rose 4.2 percent year-on-year, to just under US$12.71 million, from nearly US$12.19 million a year earlier. The remuneration included nearly US$3.43 million for security for Mr Adelson and his immediate family.

Mr Adelson’s non-equity incentive plan compensation for 2016 fell by 9.4 percent, to nearly US$4.34 million, compared to nearly US$4.79 million in 2015. But his 2016 package included stock awards with grant date fair value of nearly US$1.82 million, a rise of 47.9 percent on the nearly US$1.23 million of such options in Mr Adelson’s 2015 package.

The year-on-year reduction in Mr Goldstein’s package included a decline of 56.2 percent in “other compensation”, to US$1.57 million, from nearly US$3.59 million in 2015. Listed under that heading for 2016, was an allowance of just under US$1.24 million for Mr Goldstein’s personal use of aircraft.