Succession | Experts place confidence in LVS’s solid structure

The news of the demise of Sheldon Adelson, chairman-cum-chief executive officer of Las Vegas Sands Corp (LVS) has shocked many in Macau’s casino industry.
LVS issued a statement about the death of the casino mogul yesterday night.
Adelson passed away at his home in Las Vegas, according to the Jerusalem Post. His demise came in less than a week after the group said on January 7 that he had stepped down from his duties for treatment for lymphoma, a type of cancer.
“[Adelson] He had an unmatched ability and appetite to take enormous risks, a feat we are unlikely to see again in an industry dominated by faceless corporates types,” Ben Lee, managing partner of IGamiX Management & Consulting, spoke of his comments about the late CEO to the Times yesterday.
“Love him or hate him, his shoes will be extremely hard to fill,” Lee added.
Niall Sean Murray, the founder and chairman of Murray International Group, echoes Lee’s remarks and told the Times that “his pioneering spirit, drive and determination cannot be matched or replaced.”
Ever since Adelson’s departure, Robert Goldstein, LVS’s then president and chief operating officer, has been named acting chairman and CEO of both LVS and Sands China.
According to the lastest announcement of a list of directors released by Sands China yesterday, Robert Goldstein will stay as acting chairman and CEO of LVS’s Macau arm after Adelson’s demise.
Dr Miriam’s son-in-law, Patrick Dumont, is chief financial officer, and is expected to play a leading role at the company in the future.
Wong Ying Wai and Chum Kwan Lock remain in previous positions as President and Chief Operating Officer, respectively.
“We do not believe there will be concerns around a change in strategy in Mr. Adelson’s absence,” the institution added.
Meanwhile, JP Morgan Securities also holds confidence that Adelson’s absence is unlikely to have an impact on the direction or operations of Sands China as it has been managed by a “local management team.”
The impact of Adelson’s absence on the group’s ties with Macau and Beijing “may be open for debate”, the financial institution stated, but adding it sees “no negative impact on its positioning” by far.
“However, the executive team at Sands are extremely well equipped to continue [Adelson’s] legacy and lead future growth and expansion of the remarkable company the Sheldon built,” Murray said.

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