Las Vegas Sands Corp. named acting Chief Executive Officer Robert Goldstein as permanent CEO following the death of Sheldon Adelson, founder of the casino empire.Goldstein, 65, will assume the role of chairman as well, Las Vegas-based Sands said this morning [Macau time].
The company also promoted two longtime executives: Patrick Dumont, previously executive vice president and finance chief, was named president and chief operating officer. Randy Hyzak was promoted to succeed him as CFO.
The appointments were triggered by the death of Adelson, 87, earlier this month from complications of cancer. Adelson earlier took leave from his posts atop the company for treatment.
The company remains firmly in the hands of its founding family, with Miriam Adelson, Sheldon’s widow, controlling the bulk of the family’s 57% stake in the company. Dumont, who has been with the company since 2010, is her son-in-law. Goldstein joined the company in 1995, while Hyzak came aboard in 2016 as chief accounting officer.
Like other casino operators, Sands has been hobbled by the global coronavirus pandemic. It’s expected to report a 63% drop in revenue for the fourth quarter when results are announced tomorrow after markets close.
The company’s resorts around the world closed for several weeks last year due to the coronavirus, and – even with customers starting to come back – business at casinos in Las Vegas, Singapore and Macau remain well below pre-pandemic levels.
Sands also contemplated selling its Las Vegas resorts last year, if the company could get the $6 billion price it was looking for. But no buyers have emerged.
In another shift, Goldstein has been talking to potential partners about a role for Sands in sports betting, either by licensing its brands or building its own online platform. Adelson had been a staunch opponent of online betting on moral grounds, believing it fostered problem gambling.
MDT/Bloomberg
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