According to the provisions of his modified employment contract with the casino operator, Patrick Dumont, Chairman and CEO of Las Vegas Sands (NYSE: LVS), could be paid close to $27 million annually.
Dumont's base salary will be $2.5 million year, according to a Form 8-K that Sands filed with the Securities and Exchange Commission (SEC). This is the same amount of money he received as president and chief operating officer (COO).
"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.
Dumont's financial remuneration would rise to $6.25 million if he were to meet the 250% cash incentive. The additional $18.12 million comes from the equity awards, which are equal to 725% of the base salary. He could make up to $26.87 million annually by adding those two numbers to his base income of $2.5 million.
Additional Benefits of the Dumont Contract
As previously mentioned, Dumont's contract with Sands offers non-cash perks like personal security services. There are some travel-related benefits as well.
“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.
Private jet travel is a regular practice at big US corporations, and Sands has one of the biggest fleets of company-owned aircraft among all S&P 500 businesses, which has drawn criticism in some quarters.
Since none of Sands' casinos are in the United States, Dumont and other executives find private plane travel to be a useful perk. Five of the six are situated in Macau, while the remaining one is Marina Bay Sands in Singapore.
Dumont just assumed the role as CEO
At the beginning of this month, Dumont succeeded Robert Goldstein as chairman and CEO of Sands. A year ago, that succession plan was made public. Since then, Goldstein has sold his stock in the business, but he will remain a senior advisor until March 2028.
In June 2010, Dumont began working for Sands, and in March 2016, he was appointed chief financial officer. In January 2021, he was appointed president and chief operating officer.
In addition, he serves as governor of the Dallas Mavericks, an NBA team that he and his mother-in-law, Dr. Miriam Adelson, control.
