After a decade working with the
And Coughlan could have hit a personal jackpot.
While he initially moved to
A tasty remuneration package has been negotiated for 48-year-old Coughlan, who was born and raised in Ireland, but has spent most of his adult life abroad, working in hotels in Switzerland, London, Atlanta, Hawaii and Asia.
An SEC filing last week by Wynn Resorts reveals that Coughlan, whose initial contract runs five years, will be paid a base annual salary of $750,000 (€511,000), with the prospect of earning a bonus of a further $750,000 this year alone should targets be met. And that’s not all.
Married to Pamela, and with two young children – Kyle and Emmet – Coughlan has also negotiated three return business class flights a year for his family, to either
Meanwhile, Coughlan and his family receive gratis accommodation while in
Not a bad deal.
But just as Coughlan is settling into his new role, the
The Wynn Macau resort – whose Las Vegas-based quoted parent has a market capitalisation of $15bn (€10.2bn) – is one of a number of new casinos jostling for a cut of the island’s massive $7.2bn gambling income. Last year the SAR overtook
Wynn Resorts, which is headed by Steve Wynn, has earmarked a total of $1.2bn for its
Wynn is just one of the companies riding a wave of investment in the former colony, which generates almost all its tax income from the gambling sector.
The floodgates opened in 2002, when
That year there were 11 casinos with 339 gaming tables and 808 slot machines. Now there are 25 casinos, 2,970 gaming tables and 7,349 slot machines. All this on a 28-square-kilometre area with a population of roughly 500,000.
And gambling-mad Asians are flocking to it.
According to Steve Wynn, the company’s
In the three months to the end of September 2007, it recorded revenue of $347.6m, and in the nine-month period to the end of September, sales topped $1bn.
Adjusted Property EBITDA (earnings before interest, taxes, depreciation, amortisation, pre-opening costs, property charges and other, corporate expenses) at the
Wynn’s emergence in the SAR has also forced
Last week the trial commenced of Ao Man-Long, the former secretary for transport and public works in
He’s accused of taking bribes, of money laundering and abuse of power that saw him amass a fortune of more than $100m in just six years – 57-times his family’s income during the period. He’s alleged to have helped developers win tenders for a number of projects in
The courtroom drama has rocked
The Wynn group is also trying to snap up land to expand its
Coughlan is going to have plenty to keep him occupied. At least he can escape back to