Las Vegas Sands extends president’s contract
Las Vegas Sands Corp. President Michael Leven has signed a new contract that will extend his position with the company until November 2012.
The casino operator announced the contract extension Monday.
Leven, 73, took over as company president March 2009 after Bill Weidner was fired following the public airing of conflicts between the company's management team and Las Vegas Sands Chairman Sheldon Adelson.
Leven has been a member of Las Vegas Sands board of directors since 2004. A former executive in the lodging industry with Holiday Inn Worldwide and president of Days Inn of America, Leven founded US Franchise Systems, the hotel company that developed and franchised the Microtel Inns & Suites and Hawthorn Suites brands.
Leven took over as president and helped open the $5.7 billion Marina Bay Sands in Singapore earlier this year. The company recently announced plans to restart construction projects on Macau's Cotai Strip region that had been halted since November 2008.
Leven also helped Las Vegas Sands' listing last year on the Hong Kong Stock Exchange.
"The company's work is far from finished and over the next two years my priorities will include a continued focus on our cost structure, securing additional growth opportunities, and finalizing the work we have started in building the sustainable infrastructure needed to secure the future success of the company," Leven said in a statement.
According to Las Vegas Sands proxy statement for 2009 that was filed with the Securities and Exchange Commission in April, Leven earned more than $1.5 million in base salary, $2.4 million in option awards and more than $430,000 in other compensation.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
