Shiny new top brass
Las Vegas Sands boss Sheldon Adelson pays well for sparring partners. Former top lieutenant Bill Weidner - who resigned this month after citing 'junkyard dogfights' with majority owner Mr Adelson - pulled down tens if not hundreds of millions over the years in salary, stock options and share grants.
His replacement as president and chief operating officer, Michael Leven, will be well looked after too. Mr Leven, a 38-year veteran of the hospitality industry who most recently served as chief executive of the Georgia Aquarium, will receive a base annual salary of US$2 million - at the high end of the spectrum for the gaming industry. In addition, he will be entitled to annual bonuses equal to half his base salary for the duration of his two-year contract. He also received options on 3 million shares in the company - priced near this month's record low of US$1.55 apiece.
The shares don't fully vest for two years, but based on Wednesday's closing price the options are already 'in the money' to the tune of US$2.34 million. And to top it all off, Mr Leven also gets to use one of Mr Adelson's several private jets to fly between Las Vegas and his home in Atlanta, Georgia.
More comings and goings
Mr Weidner wasn't the only one who vacated a boardroom position at the Las Vegas Sands this month. The company said last weekend that director James Purcell resigned on March 9 citing an 'untenable' situation and said the way Mr Weidner was replaced was 'wrong'. More locally, Galaxy Entertainment said this week that it hired long-time gaming executive Michael Mecca as president and chief operating officer. Mr Mecca previously held senior roles in Las Vegas at Planet Hollywood, Station Casinos, Mandalay Resorts and Caesars World. He replaces David Banks, who left last month.
Also this week, Amax Entertainment said chairman Brian Cheung Nam-chung was appointed acting chief executive.