Las Vegas Sands Corp. (LVS) has formalized a new five-year employment agreement with Patrick Dumont following his appointment as the company’s chairman and chief executive officer, confirming his leadership of the global gaming group.
According to a filing with the US Securities and Exchange Commission (SEC) on Thursday, Dumont assumed the role on March 1st after the retirement of long-time CEO Robert Goldstein. The company subsequently entered into a new employment agreement with Dumont that runs through March 2nd, 2031.
Under the terms of the agreement, Dumont will receive a base salary of $2.5 million per year, unchanged from his previous contract. He will also be eligible for a target annual cash incentive equal to 250 percent of his base salary and a target annual equity award opportunity worth 725 percent of his base salary.
The contract also includes additional executive benefits such as security services, access to company aircraft for both business and personal travel, and the option to use first-class commercial airline travel and hotel accommodations for business trips.
The contract outlines standard separation provisions, including severance benefits if the executive is terminated without cause or leaves for ‘good reason’, as well as enhanced benefits in the event of a change of control at the company.
Patrick Dumont is the son-in-law of Sheldon Adelson, the founder of Las Vegas Sands Corp.
The agreement also contains non-competition and non-solicitation clauses lasting one year after termination, along with a perpetual confidentiality requirement.
The company simultaneously announced new employment agreements with two other senior executives: Randy Hyzak – executive vice president and chief financial officer, and D. Zachary Hudson – executive vice president, global general counsel, and secretary.
Las Vegas Sands is the parent entity of Macau gaming operator Sands China and Singapore’s Marina Bay Sands.
