The Rich Get Richer: Cruise Executive Goldstein Unloads $2,599,935.36 of Royal Caribbean Stock

Media reports say that Royal Caribbean Cruises Chief Operating Officer (COO) Adam Goldstein sold 42,152 shares of his cruise company’s stock yesterday.

The shares were sold at an average price of $61.68 for $2,599,935.36.

COO Goldstein still owns 370,724 shares of Royal Caribbean stock, valued at $22,866,256.

Royal Caribbean announced its earnings results on Thursday. The cruise line reported revenue of $1.98 billion for the quarter. The company’s quarterly revenue was up 5.2%.  

Royal Caribbean We last reported on Mr. Goldstein in February when he sold 44,256 shares of Royal Caribbean stock at an average price of $52.96, for a total transaction of $2,343,797.76.  

What do the hard working crew members and the loyal shore-side cruise employees think of all of the money Mr. Goldstein is raking in? 

The cruise line pays a minimal salary to Royal Caribbean waiters and cabin attendants of only $50 a month; the cruise passengers pay tips to the waiters and stewards but the cruise line is scooping up much of the tips to pay other crew member's salaries. Employees like utility cleaners earn a pittance of around $550 a month (with no tips) working around 11-12 hours a day, every day of the month during contracts that are 6-8 months long.

In September of last year, Royal Caribbean fired over one-hundred employees in its corporate offices in order to increase profits. You can read about that here: Loyal to Royal? Royal Caribbean Axes 100 Jobs in Corporate Headquarters.

What's the saying? The rich get richer, the poor get poorer.

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Comments (11) Read through and enter the discussion with the form at the end
Marianne Fearnside - July 26, 2014 1:31 PM

Meanwhile the crews work for a pittance.

Cruise Arabia - July 26, 2014 2:56 PM

It would be nice to see cruise line's not only increasing the wages they pay staff, but also giving them shares in the company if it is publicly listed so that they too can see some monetary benefit if the cruise line does well financially.

Capt. Ed Enos - July 26, 2014 5:00 PM

This is precisely why i love to laugh at the request of Cruise Ship Captains and their agents and especially the CLIA representatives...who are always lobbying against the use of escort tugs in ports "Because they are too expensive and we simply can't afford to operate like this." While Harbor Pilots across the United States insist on tugs to ensure a safe transit in case a mechanical failure occurs (and that NEVER happens, right??), the CLIA lobbying efforts on behalf of the cruise industry is seen (by us at least) that this effort is purely to reduce costs and increase profits to benfit the industry executives and corporate shareholders. They have little concern for OUR safety in OUR port and concious stewardship of OUR marine environment. They are most concerned with THEIR PROFITS.

Andrew - July 26, 2014 6:38 PM

Yep… and also - consider salaries they pay to professionals onboard. Don't even go there. however - RCL as an american company, supports americans, giving priority in hiring them on nice juicy positions, which is not fair, so they should not be complaining to much. they are in much more beneficial position than other employees. But true - royal caribbean cut bonuses for lots of positions, at the same time increased ratings, absolutely unrealistic figures, so that not everyone make them, and in this case they will also save some money not paying bonuses to hotel directors, etc… at the end of the day - it used to be a good company for employment - not anymore. all they care of is revenue, everything else does not bother them at all.. and guess what?? this year they gave all crew salary raise… how much? - 3 %

Mylo - July 27, 2014 1:42 AM

Let's get real. First of all if you know anything about Adam at all is that he definitely works hard. He's one of those people who DOES put his face out there and talk to EVERYONE. He works hard and I know this and I don't even work in that industry at all. The bottom line is that he puts the best product on the market year after year... period. Guess what.. people make big bucks when they're running a successful company. As far as a 3% raise to crew... congratulations. A lot of people have no jobs or if they do many have not seen any increase in salary for years now. Get real.

Robert - July 27, 2014 3:58 PM

You all are so right, however, all the salaried positions like Hotel Directors, Housekeeping managers, dining room managers, were promoted upon seniority, none of them really worked in a Hospitality Industry like me, all of them started in a low positions and over the years kissing asses, and new launching new cruise lines, the got promoted... It's so true, it happened to me with Disney Cruise Lines in Jan. 2012, when I was fired from Housekeeping cause one Spanish lady didn't speak a word of English and she made up a fabricated story against me, even I wrote a statement and signed in front of my Housekeeping manager, and asked them this statement will protect me against her? Their answer was YES. Guess what, 3 days later I was fired, and took a small tape recorder with me in the office, and taped the whole conversation, boy was I discriminated, yes, by my manager, called I was stupid and more... So the whole Disney got fucked, when I called HR dept. and told them I have a concern, I was told they'll make internal investigation, the moment they said that, I knew it won't be any, so I said I hired a lawyer, and will see them at the court, the of course tried to convince me not to take them, as they called me back and said, there is no evidence of it, so I said to see them at the court, I had to fly with from CA to Fl. and I made them so small, I didn't tell them I had a hard evidence, afterall they tried to tell me that it's illegal to do what I did. REALLY, don't be so sure, and read the law please, and you'll have better understanding of it, what is legal and what is not, you uneducated low life, third class white piece of garbage... Got my settlement, and now live and work in U.S. and have a multimillion dollar business, and I'll never ever go on the cruise on any cruise line, as they just rip off passengers, I'm sure you already know that don't you.

RCCL CREW - July 28, 2014 6:42 AM

The cruise line pays a minimal salary to Royal Caribbean waiters and cabin attendants of only $50???...
It was $50 Salary... but only till 2013, started 2014 $0.00 Salary.

CELEBRITY CREW - July 28, 2014 7:15 AM

The cruise line pays a minimal salary to Royal Caribbean waiters and cabin attendants of only $50???...
It was $50 Salary... but only till 2013, started 2014 $0.00 Salary.

A Crew Member - July 28, 2014 4:36 PM

First of all Mylo... Yes he may work hard as do all the crew members pulling 14 hour days. On top of that RCCL IS CURRENTLY BUILDING 3 new ships and to fund this they feel the need to yet agin, as when they were building the other Oasis Class ships make cut backs at their crews expense... Yet... Goldstein still feels the need to cash out like this? Not Tao mention the numerous employees that are suffering at the hands of BS medical care on board just to save $$$$ ... Here take an pain killer...

RCCL really do not give a shit about their employees... Recently they have made cut backs at the expense of their crew. That's cool, every company seems to be doing this but... The way they rolled out these pay cuts is absolutely shocking...

They did not even have the decency to inform their staff that were currently on vacation... So they rock up to the ship that they are assigned to and just told "if you don't like it go home".

Go home to what? Many of they crew rely on these jobs to support their families and sadly will take almost any conditions... As long as they have a job... Mean while Goldstein is cashing out... This is a blatant disregard for their employees....

About the 3% pay rises... I will use their Casino department as an example for this....

Imagine a dealer that has been with the company for over 10 years not getting a pay rise but a dealer that has been with the company for 4 months gets one...

This is because they no longer get a salary or vacation pay... Their entire pay is based on tips... And only tips... Yes there is a guaranteed minimum... $950 per month... Nice... Also the dealers on the old structure will loose that pay raise when they go to their next contracts...

On top of all these pay cuts RCCL is not entirely transparent... They are a family orientated cruise line except in the below circumstances when revenue trumps ethics and morals...

Before I continue... Here is a quote from RCCL's ethics policy " a safe and comfortable work environment for all" and then here are the exceptions...

1) Atlantis Charters - aimed at the homosexual community, these charters consist of excessive alcohol and explicit acts performed in any location possible... It's ok though they are paying money...

2) Swingers cruises... Yep people fornicating in you're favourite venues around the ship...

******The Big One*******

3) PROSTITUTION ON ROYALE - Welcome to Mariner of the Seas...
Don't believe that a company of this stature is capable of this? Do your research... Last year a company called Shanghai Everbright decided that they would half charter the ship and bring on "400 models"

On day two of the cruise they were all standing on the guest services desk asking to change cabins with guys they had only just met the night before... One maybe two guest OK...but a few hundred... Of course the executive team turned a blind eye to it....even though money was seen changing hands and soliciting was blatant...

But it's OK as long as money is being made....

If any of you really doubt what I have just said, why not ask Goldstein to comment? A company this size certainly has a social media team that does their reputation management so believe me they will see this post...

So Mylo if Goldstein really does " put his face out there and talk to everyone" he should have no problem getting stuck in to this thread...

Thanks...

CRUISE SHIP INSIDE STORIES BY CREW - July 31, 2014 11:39 PM

Everyone that sails on a cruise ship should know this: when you sail on cruises that charge you service charges, (specially on companies like NCL that promote "free style" and "discourage" passengers from giving cash tips to employees) and are told that these services charges are split among your waiters and room stewards, it is not true. The behind the scenes real fact is that this is money that goes to pay most salaries onboard (do the math), and those in the the room steward and waiting jobs, do not make any more or less from your daily service charges. This money is added money that you pay the company in order for the company to pay for their crew. A regular 1800 passenger ship makes about 800K to 900K a week in revenue. That is moneys coming from Casino, sale of shore tours, bar revenue, shops, and other revenue. Your service charges, the $12 or $15 per day per person (multiply that by 7 days x 4 weeks a month x 2000 passengers is also money that saves the company from paying salaries from the revenue it makes. Yes maintenance and fuel costs are steep and bla bla bla, but all that is also calculated into the price and the projected revenues. Do every crewmember a favor and go to the Reception desk two or three days before the end of the cruise and ask to remove all the service charges from your account as it is not legal to charge you for tips against your will. Check the legal aspect of this. Go and fill out the form to adjust your service charges. Remove them. And then give cash to those you really feel for tipping, may that be your Room Steward, or the wait staff of the buffet that you always see in the morning, or whatever. Give them their compensation for bending over backwards for you, rather than giving your money to the cruise line to assist them in paying salaries of crew you maybe never met. And believe you all us. We were there in high positions onboard and know this for a fact.

CRUISE SHIP INSIDE STORIES BY CREW - August 1, 2014 6:40 PM

Money is all that matters to ships. As long as money is made, it really doesn't matter how they make it. How many crew out there has had to work witnessing sexual explicit behavior from Atlantis party cruisers for example? Many of you out there. In regards to what goes on onboard ships with groups and other large "good revenue making" groups, is way beyond safe and ethical. Atlantis charters are known for displaying very explicit sexual behavior and are at the top of the list of charter groups from which cruise companies like RCCL, NCL make a lot of money as they are well known for spending huge amounts in alcohol, shops, casino and tours. The biggest money maker areas onboard a ship. But, that's just normal...why would corporate care? They do not work onboard, they remain on land, and barely know what it feels like to have to work under these conditions because you have no way out. Many of the more than 55 nationalities of crew onboard have to see men fornicating on deck or small orgies in plain daylight on pool deck or in dark corners of the ship. Yes Sir, Madam, that same hot tub you then enjoy the cruise after as a passenger, has been the scenario of whatever you can think of...you name it. Sun loungers, bathrooms, showers, pool decks, disco sofas, lounge seats, public rooms, cabins, beds, balconies, and any space whether lit or not, has witnessed some form of sexual behavior of these persons, who find the charter atmosphere ideal to party in that manner. And so has witnessed the crew, who still have to make up rooms, change sheets, clean bathrooms, do laundry, serve in bars on deck and wait in lounges and restaurants and witness all this they really would rather not see. Imagine coming from a country and a way of life in which all this is very offensive, against your culture, religion, gender, whatever.....still you have to smile and sell your drinks to make revenue bringing your signature drinks or buckets of beer to people who are giving blow jobs to one another?. Pictures abound of these cruises where anything goes. On other cruises, like charters of House Music parties of 800 people and similar, drugs abound. Yes, cruise lines have a "zero tolerance" policy. Yeah sure. It works whenever it has to and doesn't whenever it has to. There are dogs and police checking at the terminal during check in, and sniffing the suitcases (some) but the truth is that drugs abound onboard, whichever way they get in. The party people barely eat at all, they drink loads of water, chew gum 24/7, never sleep and spend 7 days dancing. It isn't broccoli and a good breakfast that does that. But, as long as cruise lines take money from this, it is all that matters and easy to turn a blind eye or not go deep into the subject. (Some management onboard, a Bar Manager for example, might move his crew around to remove employees who do not want to work in these conditions, from one hot area to a less explicit one...that may happen...but it isn't a company requirement. It is the compassion of a Bar Manager in a million, who cares to reassign his crew).

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