Las Vegas Sands Corp. more than doubled Chief Executive Officer Sheldon Adelson’s pay to USD26.1 million after the casino operator rejiggered his compensation as part of a new contract.
Adelson, 84, received a $12.5 million cash bonus and $5 million in salary for 2017, the company said last week in a regulatory filing. He also got $4.21 million in equity awards and taxable perks worth $4.38 million, most of it for his personal security detail. His pay for 2016 totaled $12.7 million.
The world’s largest casino operator also paid more than $1 billion in dividends on shares held by Adelson, his wife and trusts on behalf of other family members, according to data compiled by Bloomberg. They collectively own more than half of the company’s stock.
A recovery in the Macau gambling market helped the firm boost revenue 13 percent to $12.9 billion last year, more than half of it coming from the Chinese enclave. Earnings grew 68 percent to $2.81 billion.
Adelson signed a new employment agreement last year that lasts through 2021. It quintupled his salary to $5 million and increased his bonus potential by 50 percent to $12.5 million. He’s the world’s 20th-richest person with a $36.3 billion fortune, according to the Bloomberg Billionaires Index. Anders Melin, Bloomberg
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