Robert Goldstein Appointed Chairman and CEO of Las Vegas Sands
Robert Goldstein has become the chairman and chief executive officer of Las Vegas Sands (NYSE: LVS) after the word ‘acting’ was removed from his titles. It makes him the company’s first permanent CEO following the death of Sheldon Adelson a few weeks ago.
Goldstein took on the roles in an interim capacity when Adelson underwent treatment for non-Hodkinson’s lymphoma. He has been with the company since 1995, and from 1999 until 2010, he was president and chief operating officer of the Venetian and the Palazzo, the company’s two venues on the Las Vegas strip.
Other changes at the company have seen Patrick Dumont, Adelson’s son-in-law, promoted to president and COO, while Randy Hyzak has become chief financial officer. Dumont is also in charge of the Adelson family finances, which has become more important now that the family controls more than 57% of the company’s outstanding equity.
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In the past, Goldstein has had the role of president of global gaming at the company, as part of which he was in charge of the famous Asian operations, including five integrated resorts in Macau and the Marina Bay Sands in Singapore. At present, Sands is the biggest operator in Macau, and the Marina Bay Sands is the world’s most profitable casino.
In normal times, the six Asian venues make more than two-thirds of Las Vegas Sands’ earnings before interest, taxes, depreciation and amortization, and revenue per quarter. It is assumed that Goldstein and Dumont will continue Adelson’s policy of emphasizing the Asia-Pacific region, and this could even include expansion via acquisitions.
However, they are also expected to break with some of his policies. Adelson was always firmly opposed to online gambling, and there have been rumors that Goldstein is engaged in talks to take Las Vegas Sands into the online sports betting market.
Despite the expected change in direction, investors are likely to support the executive moves as they involve figures who have a long history at the company. It is also believed that Las Vegas Sands may divest its Las Vegas assets and could look at New York or Texas for domestic expansion.
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