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Thread: Top honchos of S'pore casinos hit pay jackpot

  1. #1

    Default Top honchos of S'pore casinos hit pay jackpot

    http://www.straitstimes.com/archive/...ckpot-20140506

    Top honchos of S'pore casinos hit pay jackpot

    Published on May 6, 2014 1:13 AM


    MOST top executives of Singapore's two casinos laughed all the way to the bank last year, thanks to bumper pay packages.

    For bosses at Las Vegas Sands (LVS), the extra perks of their job include personal jet use and country club memberships.

    LVS chairman Sheldon Adelson got a 31 per cent hike in pay to US$14 million (S$17.5 million), plus corporate perks such as personal security services. LVS owns Singapore's Marina Bay Sands, along with several other casinos around the world.

    Genting Singapore executive chairman Lim Kok Thay took home between S$9 million and S$9.25 million last year, a more modest rise from 2012. Genting owns Resorts World Sentosa.

    According to US regulatory filings, Mr Adelson's handsome pay hike was the result of a whopping US$6.7 million performance- based cash bonus tied to robust growth from his Macau and Singapore casino holdings. For his 2013 performance, he received a base bonus of US$1.82 million, as well as an annual supplemental bonus of US$4.87 million.

    LVS saw a 23.7 per cent jump in net revenue for fiscal 2013 to US$13.77 billion, against US$11.13 billion in 2012. Pre-tax earnings grew 25.6 per cent to US$4.76 billion, largely owing to continued strong growth in mass market gaming revenue in Macau.

    Mr Adelson's 2013 pay package included a US$1 million salary, US$1.83 million in option awards, US$912,500 in stock awards and US$3.58 million in perks. These included US$3.26 million the company spent to provide security for him and his immediate family, up from US$2.8 million in 2012. Other perks included US$100,000 in reimbursements for personal legal and financial planning fees.

    He also had access to a Boeing jet for corporate travel.

    Two top LVS executives - Mr Michael Leven and Mr Robert Goldstein - did not get stock awards last year, which affected their total pay packages.

    Mr Leven, LVS president and chief operating officer, took home US$6.95 million last year, down from US$14.9 million in 2012, which had included US$7.17 million in stock awards. His 2013 pay package included a US$3 million salary, a US$3.14 million cash bonus, and US$807,868 in other compensation like personal jet use and country club dues.

    Mr Goldstein, executive vice-president and president of global gaming operations, took home US$3.52 million, down from US$24.2 million in 2012, which had included a whopping US$20.7 million in stock awards.

    The pay package of Marina Bay Sands president and chief executive officer George Tanasijevich was not disclosed.

    Mr Edward Tracy, CEO and president of Sands China, was paid US$8.62 million, including US$5.29 million in stock awards and US$1.61 million in cash bonus. Mr Kenneth Kay, executive vice-president and chief financial officer, was paid US$3.13 million, up from US$2.3 million in 2012.

    Genting's Mr Lim enjoyed total pay of between S$9 million and S$9.25 million, according to the casino operator's annual report. Of that, 49.3 per cent came from his bonus, while his salary accounted for 30.6 per cent and performance share another 19.7 per cent. In 2012, Mr Lim's salary ranged between S$8 million and S$8.25 million.

    For 2013, Genting Singapore president and COO and Resorts World Sentosa CEO Tan Hee Teck was paid between S$7 million and S$7.25 million, up from between S$6.5 million and S$6.75 million in 2012.

    Two of its top five key management staff earned between S$750,000 and S$1 million, while another two earned between S$1 million and S$1.25 million. One earned between S$4 million and S$4.25 million.

    For fiscal year 2013, Genting had net profit of S$589.4 million, up 1 per cent from S$587.5 million a year earlier. Revenue was S$2.85 billion, a 3 per cent drop.

    GRACE LEONG


  2. #2
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    our ministers are so lowly paid compared to these.


  3. #3
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    despite being paid lower than these honchos, our ministers are still considered overpaid coz ministers are merely servants paid by people who are forced to pay taxes to the country, while these casino guys are paid by people who willingly contribute money to them.

    Quote Originally Posted by leesg123 View Post
    our ministers are so lowly paid compared to these.


  4. #4

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    Quote Originally Posted by Patrickstar View Post
    despite being paid lower than these honchos, our ministers are still considered overpaid coz ministers are merely servants paid by people who are forced to pay taxes to the country, while these casino guys are paid by people who willingly contribute money to them.


    public service dont make them ur servants.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs


  5. #5
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    Civil servants serve the nation and nation is made up of you and me, the people, so they are my servants n everybody's servant. They don't do things right, they kenna F by the public is normal coz they are paid with the nation's money.

    Quote Originally Posted by minority View Post
    public service dont make them ur servants.


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