- He was recently appointed chairman and CEO of Las Vegas Sands
- His base salary is $2.5 million per year
- That figure could swell to as much as $26.87 million through cash and equity incentives
Las Vegas Sands (NYSE: LVS) Chairman and CEO Patrick Dumont could earn nearly $27 million in annual compensation, according to the terms of his amended employment contract with the casino operator.
A Form 8-K filed with the Securities and Exchange Commission (SEC) by Sands indicates Dumont’s base salary will be $2.5 million per year, which is the same level of pay he earned when he served as chief operating officer (COO) and president.
Pursuant to his Employment Agreement, Mr. Dumont will be eligible to receive (i) a base salary equal to $2,500,000 (which does not reflect a change from Mr. Dumont’s prior employment agreement), (ii) a target annual cash incentive award opportunity equal to 250% of his base salary, (iii) a target annual equity award opportunity equal to 725% of his base salary, and (iv) security services,” according to the regulatory filing.
If Dumont reaches the cash incentive of 250%, his cash compensation would increase to $6.25 million. Throw in the equity awards of 725% of the base salary and that’s another $18.12 million. Combine the base salary of $2.5 million with those two figures and he could earn as much as $26.87 million per year.
Other Perks in Dumont Contract
As noted above, Dumont’s agreement with Sands includes non-financial benefits, including personal security services. It also includes some travel-related perks.
“Company-owned aircraft usage for business and personal purposes, and, at his election, first class travel on commercial airlines for all business trips and first class hotel accommodations,” according to the SEC filing.
A source of criticism in some circles, private jet travel is commonplace at large US companies and Sands has one of the largest fleets of company-owned planes among all companies in the S&P 500.
For executives, including Dumont, at Sands private air travel is a practical amenity because none of the company’s casinos are located in the US. Of the six, five are located in Macau and the other is Marina Bay Sands in Singapore.
Dumont Recently Took Over as CEO
Dumont took over as chairman and CEO of Sands at the start of this month, replacing Robert Goldstein. That succession plan was announced a year ago. Goldstein has since liquidated his equity holdings in the company though he’s staying on as senior advisor through March 2028.
Dumont joined Sands in June 2010 and was named chief financial officer in March 2016. He became president and chief operating officer in January 2021.
He’s also the governor of the Dallas Mavericks — the NBA franchise he owns along with his mother-in-law, Dr. Miriam Adelson.
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