Saturday, April 24, 2010

Las Vegas Sands CEO Sheldon Adelson Got $5.58 Million in 2009

Tax the Rich - Feed the Poor - Save the Wild Horses (and burros) It is only the right thing to do!

Posted: Apr 23, 2010 11:08 PM EDT Updated: Apr 23, 2010 11:30 PM EDT
Sheldon Adelson

VEGAS (AP) -- Billionaire Sheldon Adelson was paid $5.58 million in 2009 as the chairman and chief executive of casino-resort developer Las Vegas Sands Corp., according to an Associated Press analysis of a regulatory filing Friday.

Adelson's pay package last year included a $1 million salary and $2.73 million in perks -- including $2.45 million for security for Adelson and his immediate family. Adelson's pay compares with $1.28 million last year, but last year's executive compensation report did not include roughly $2.1 million for similar security.

Sands, which owns casino-resorts in Las Vegas and Macau and is close to opening a new property in Singapore, said the security costs for previous years were reported in a different section of its report.

Adelson's pay also included $24,625 in stock awards, $1.83 million in option awards, $163,812 for a car and driver and $100,000 for the reimbursement of professional fees. Adelson did not receive a performance-based cash bonus in 2009 or 2008, the element that made up most of his pay in 2007 and 2006.

Adelson, 76, along with his wife Miriam and their various family trusts, owned 52 percent of the company's outstanding stock as of April 12, the company said. Sands has 600 million outstanding shares. Shares of Las Vegas Sands doubled in 2009, from $7.09 Jan 2 to $14.94 on Dec. 31. Shares rose 69 cents to $25.12 on Friday, making Adelson and his family's stake worth roughly $8.6 billion.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.

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