The shareholders of Macau casino operator Sands China Ltd have unanimously approved the extension of the contract of president Wilfred Wong Ying Wai by one year, to February 2024. A resolution approving the amendment agreement to Mr Wong’s service contract was passed at the firm’s annual general meeting, held on Friday.
Mr Wong (pictured in a file photo) has been Sands China’s president since November 2015. He had also served as the firm’s chief operating officer between November that year and last February, when he was replaced in the post by Sands China executive Grant Chum Kwan Lock.
At the time, Mr Wong was reappointed as the firm’s president until 2023.
Sands China operates a number of casino resorts in Macau’s Cotai district, including the Venetian Macao and the Parisian Macao. The firm is controlled by U.S.-based casino operator Las Vegas Sands Corp.
Mr Wong, aged 67, receives an annual salary of US$3 million, plus an annual incentive based on performance of up to US$1.5 million, according to previous filings from Sands China.
In a notice to shareholders explaining the reasons for proposing the extension of Mr Wong’s contract until 2024, Sands China said the move would “facilitate the long-term growth and development of the group.” It added that the extension of the current employment contract from three years to four years would allow Mr Wong “to continue to be incentivised to contribute to the management of the business and operations of the group… on a long-term basis.”
Brokerage Sanford C. Bernstein Ltd said in a note that the continuity of Mr Wong at the helm of Sands China “is not surprising as he will play an important role in the concession rebid process.” That was a reference to a fresh public tender process for gaming rights in Macau, currently expected to take place prior to the 2022 expiry of the present concessions for the city’s six casino operators.
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