Rob Goldstein will also assume the position for Sands China, the company’s subsidiary that oversees its holdings in Macau. He has held a variety of company leadership roles since joining Las Vegas Sands in 1995, and he has been the company’s president since 2015.
“We believe, and we believe investors concur, Goldstein is more than simply well equipped to perform the active duties in the absence of Mr. Adelson during his treatment,” Deutsche Bank gaming analyst Carlo Santarelli said in a research note Thursday morning. “We do not believe there will be concerns around a change in strategy in Mr. Adelson’s absence.”
Adelson and his wife, Miriam Adelson, are the largest shareholders in Las Vegas Sands, controlling some 58% of the company’s stock. Patrick Dumont, Las Vegas Sands’ chief financial officer, is married to one of Miriam Adelson’s daughters.
Adelson, when he was first diagnosed with cancer, did not participate in the company’s quarterly earnings conference calls for a year, but never formally took a medical leave. Las Vegas Sands revealed his diagnosis only after The Nevada Independent reported on Febeburary 28, 2019, that Adelson was in poor health and couldn’t testify in a long-standing civil lawsuit in Las Vegas against him and the company.
“I am extremely touched by all the calls and emails I’ve received over the past several months,” Adelson said in October 2019 during the company’s third-quarter conference call. “It has been remarkable to hear from so many people, including many of you joining us today. I deeply appreciate the well wishes and everyone who took the time to reach out to me. It certainly means a lot.”
Adelson, who is currently No. 19 on the Forbes 400 with a net worth of US$35.9 billion, founded Las Vegas Sands after purchasing a Las Vegas Strip casino of the same name in 1987.
The company operates casinos in Las Vegas and Macau and has a market capitalization of almost US$45 billion. On the Strip, the rat pack-era Sands was demolished in 1997 and the site was replaced over the years with Venetian Palazzo and Sands Expo and Convention Center.
Adelson led the U.S. gaming industry’s charge into Macau, opening Sands Macau in 2003. The company now five properties in the Chinese gaming enclave.
Source: CDC Gaming Reports
