Gaming | Adelson names son-in-law as CFO of Las Vegas Sands

Las Vegas Sands Corp. named Patrick Dumont, son-in-law of top shareholder Sheldon Adelson, as its chief financial officer.
The appointment fills a vacancy left open since July 2013, when Kenneth Kay stepped down from the role. “Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time,” Adelson said in a statement yesterday.
Adelson has been predicting a turnaround this year in Sands’ Macau business, its largest unit, after a sharp decline in betting by high rollers following a Chinese government crackdown on corruption. The billionaire has also proposed building a USD1 billion stadium in Las Vegas that could house a professional football team, saying it would bring more visitors to the city. Sands shares are up 20 percent in 2016.
Dumont will get paid $1.2 million in base salary and is eligible for a bonus of as much of 100 percent of his annual pay. He was also granted options for 650,000 shares. It was Dumont that – according to American media – put together the deal to buy the Las Vegas Review-Journal for $140 million at the behest of his father-­in-law.
Kenneth Kay became CFO of MGM Holdings Inc. last year. MDT/Bloomberg