New president and CEO at the Sands.

IluvVegas · #1 03-18-2009, 10:29 AM

Michael Leven began work on March 11th this year as the new president and CEO of the Las Vegas Sands.

As president and CEO, he will be making $2M a year plus a yearly bonus that will amount to half of his base salary.

This seems like an inordinate amount of money to pay one person yearly when the economy is so iffy and amid all the complaints of gamblers not spending in the casinos as they had been in the past.

winbig · #2 03-18-2009, 11:05 AM

Quote:

Originally Posted by IluvVegas

Michael Leven began work on March 11th this year as the new president and CEO of the Las Vegas Sands.

As president and CEO, he will be making $2M a year plus a yearly bonus that will amount to half of his base salary.

This seems like an inordinate amount of money to pay one person yearly when the economy is so iffy and amid all the complaints of gamblers not spending in the casinos as they had been in the past.

TBH, $2M a year is a drop in the bucket compared to what CEO's of other major companies are making.....

VegasLuvsMe · #3 03-18-2009, 12:49 PM

Where do I sign up?

I think one year in their position would be a lot more than I could handle now. They have to be on top of things nearly 24 hours a day.

vegasrocks · #4 03-25-2009, 02:26 AM

What in the world is going on at the Sands lately? Out with the old and in with the new?

I just read that a third executive has now left the company within just a month a so.

Executive vice president and president of global operations and construction, Brad Stone is now resigning as well. He filed papers with the SEC (Securities and Exchange Commission) yesterday.

He was a long-time friend and colleague of the former president of the Sands, William Weidner who was basically booted out earlier this month.

The other exec who left the company this month was director James Purcell. He left because he did not agree with the boards decision to terminate Weidner's employment and replace him with Michael Leven.

Something fishy going on or just business as usual?

VegasLuvsMe · #5 03-25-2009, 12:00 PM

My guess, it's the rich owners bugging out so they won't loose any more of their precious money.

I guess you could call it business as usual. Get rich over several years of income and when the bills start to pile up, it's time to bail out.

It's probably more than just that, but when the MGM properties take a fall others are sure to follow.

vegasrocks · #6 03-26-2009, 01:23 AM

You are probably right. I wonder at this point if we have heard the last of the position changes taking place or if there are more yet to come. You would think this would be a little alarming to folks doing business with them but maybe not. This is probably pretty common for casinos at different points. I don't know.... Its Vegas!

VegasLuvsMe · #7 03-26-2009, 01:13 PM

What happens in Vegas, doesn't stay in Vegas anymore?