- Las Vegas Sands boss signs for 400% salary raise
- US’ 14th richest billionaire could earn $17.5m per year
Casino mogul Sheldon Adelson will get a 400% salary rise under the terms of his new contract, according to reports in the Las Vegas Review-Journal.
The employment agreement, revealed this week in a Securities and Exchange Commission filing, gives the CEO and founder of Las Vegas Sands Corp, an unconditional minimum income of $5 million per year along with the potential for a further $12.5 million in bonuses.
The new deal makes Adelson the best paid CEO among the S&P 500 index, bumping the 84-year-old casino mogul estimated net wealth to $32.6 billion.
Terms of Adelson’s pay rise revealed
In addition to collecting a potential $17.5 million per year, the new employment agreement includes additional provisions and benefits – including undisclosed terms of payment in the event of Mr Adelson’s death, termination or retirement.
While still active in the Las Vegas Sands brand, Adelson will also receive ongoing security for himself and his family, private transport by air and road, and reimbursement for expenses – plus all standard employee benefits.
Finally, a $1 million stock purchase grant forms part of the salary deal, giving Adelson the option of purchasing company shares against the 2004 equity award plan.
Las Vegas Sands enjoys international success
Adelson is the founder and chief executive of Las Vegas Sands Corp., an international land-based casino and hotel chain which has operated since 1988.
As well as owning the The Venetian and The Palazzo on the Vegas Strip, Las Vegas Sands has expanded across the United States as well as into Asia.
Adelson’s casino brand is one of the leading operators in gambling mecca Macau, and its expansion internationally makes LVS Corp. the largest casino operator in the world.
The operator has seen a turbulent year in terms of profits, with severe storms in Macau causing damage and slowing business earlier this year.
Las Vegas Sands is among the operators linked to legal casinos in Japan, which would open up an important new revenue stream. Despite shaky profits for the year so far, share values are rising and forecasts are very positive for the 2017/18 period.
Billionaire bumped up on Forbes rich list
Adelson’s unprecedented 400% salary hike is sure to give the businessman’s personal bank account an additional boost – taking him past the $35.5 billion net wealth which earned him 14th place in the Forbes 400 list.
A more recent estimate by Bloomberg suggests Adelson is now worth as much as $32.6 billion: with his whopper of a salary rise, the casino mogul might even push towards the $40 billion mark in the coming years.
Adelson remains a very wealthy, powerful and influential man who is expected to remain hands-on with his company for many years to come. His new contract expires in December 2021 and will be replaced by an annual rolling contract, under the same or similar terms.
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