Goldstein Is Ceo of Las Vegas Sands

Goldstein: Honoring Adelson's vision

A few weeks after the death of casino mogul Sheldon Adelson at the age of 87, casino giant Las Vegas Sands has a new CEO: Robert Goldstein, the former COO, will take on the roles of managing director and chairman with immediate effect. Goldstein had been in both roles temporarily since January 7th, after company founder Adelson again underwent treatment for so-called non-Hodgkin's lymphoma.

The decision to permanently replace the team is now official. In addition to his role as COO, Goldstein also previously held the position of president. He came to Las Vegas Sands in 1995 and was appointed to the company's board of directors in November 2015. Goldstein was primarily responsible for gaming operations. As COO and President, he worked primarily for the Venetian and Palazzo in Las Vegas. Thousands of casino enthusiasts reside in the luxurious resorts every year and take advantage of the numerous leisure options, ranging from classic casino games such as roulette to extensive spa visits. By the way: One of the best providers of Online casino roulette it's on the special topic page.

As part of the announcement, Goldstein commented on the death of the late managing director and future plans: The mood has been sad since Adelson's passing, but the future of the company he founded shines brightly, according to the statement. Adelson would expect the work he started to continue in the same way. They are therefore determined to continue to advance Sands.

Goldstein is following in huge footsteps: Sheldon Adelson is considered one of the greatest casino bosses in history: he founded Sands in 1988. He had previously bought the famous Sands Casino, which was demolished in 1996 and replaced in 1999 by the now no less famous Venetian. Adelson played an important role in transforming Macau into what is now the largest gambling center in the world. With a fortune of almost $35 billion, he ranked 28th on the list Forbes list of richest people.

New distribution of roles at Sands

As a result of the Promotion Goldstein has succeeded Patrick Dumont at the top of the company and now occupies the positions of President and COO. Dumont previously served as executive vice president and chief financial officer after joining the company in 2010.

Dumont wants to support Goldstein in achieving his strategic goals. They want to take a path forward while adhering to the principles to which founder Adelson was committed for decades. They also want to support the employees and local communities in which Sands operates. They want to invest in all markets in 2021, generate strong returns for shareholders and pursue new development opportunities.

The CFO role vacated by Dumont will be filled by Randy Hyzak, the company's previous chief accounting officer. He joined Sands in November 2016 after previously working for Freescale Semiconductors.

Retreat from Las Vegas?

At the end of October, plans emerged that Sands was considering withdrawing from Las Vegas to focus more on the Asian market. The market in which Sands has expanded more and more over the last few years. It is still completely unclear whether these plans will be pursued after Adelson's death. In Las Vegas, Sands operates the Venetian, the Palazzo and an Expo and Convention Center.

The sale of the Las Vegas casinos would mark the company's final exit from the U.S. Industry. A Sands representative recently said that negotiations for the sale have been ongoing for some time, but no deal has yet been finalized. The target purchase price is around $6 billion.

As Adelson explained before his death, the Macau and Singapore markets were now the most important for Sands. In 2019, Sands generated 63 percent of its total sales in Asia. In contrast to Las Vegas, which was hit hard by the casino shutdown, the two Asian markets are in a phase of recovery. However, finding a buyer for the casinos amid the global health crisis is problematic.

Positive ESG balance in 2019

One goal that Sands will continue to pursue in 2021 is to optimize ESG (Environmental, Social and Governance) standards. The latest ESG report shows that Sands achieved two out of three environmental sustainability goals in 2019. For example, greenhouse gas emissions have been drastically reduced since 2015. At 12.4 percent, the reduction was well above the target of 6 percent.

Shortly before his death, Adelson expressed his pride in the passionate work of his employees. The results would be consistent with the United Nations Sustainable Development Goals. All over the world people have contributed to a better environment. We want to continue to take a leading position in the area of ESG in the coming years. Whether Goldstein carries on this legacy remains to be seen.