Sands Has New Leadership; Considers Online Gaming
Las Vegas Sands has a new leadership team following Sheldon Adelson’s death two weeks ago. Robert G. Goldstein is the new Sands Chairman and Chief Executive Officer. Patrick Dumont’s new role is President and Chief Operating Officer.
Adelson died a fortnight ago aged 87-years-old. The billionaire casino mogul had been at the helm of Las Vegas Sands since its creation in 1988. Adelson continued running the company even while undergoing treatment for non-Hodgkin lymphoma. The blood cancer eventually claimed Adelson’s life.
Goldstein took temporary charge of Las Vegas Sands when Adelson took a leave of absence a week before his death. He became the interim chairman and CEO while Adelson resumed his cancer treatment. Goldman is now officially in those roles.
“Mr. Adelson’s leadership guided us to the top of our industry, and his legacy lives on through the company’s 50,000 team members and the iconic properties he developed around the world. Our spirits have been dimmer in these few weeks since his passing, but the future of the company he founded shines bright. He would expect nothing less than an aggressive pursuit of the work he started, and I am determined to lead this company forward in a way that best honours his vision.”
Goldstein joined Las Vegas Sands in 1995 and became a member of the Board of Directors 10-years later. It makes perfect sense to promote Goldstein.
Patrick Dumont Becomes Las Vegas Sands President and COO
Patrick Dumont joined Sands in 2010 and the Board of Directors in April 2017. Dumont held several positions at Sands, including senior vice president of finance and strategy. He paid homage to Adelson in a press statement following his appointment.
“Mr. Adelson established the roadmap for the future of this company, and that roadmap is unchanged. I am dedicated to working with Rob and our leadership team to make our strategic objectives a reality. Our path forward is clear and remains true to the principles our founder was committed to for so many years – we will continue supporting our people and the local communities in which we operate, reinvesting in our current markets, producing strong returns for our shareholders and aggressively pursuing new development opportunities.”
Goldstein Says Sands Is Considering Online Gambling
Goldstein wasted little time in putting his stamp on the running of the massive Las Vegas Sands empire. He spoke to analysts earlier this week where he made a shock reveal. Sands is exploring the possibility of entering the world of sports betting and online gambling.
Adelson fervently opposed all forms of online gambling. He spent tens of millions of dollars campaigning against it. Adelson had ethical concerns about the online gambling world, Goldstein said.
“He never questioned its viability. I have very strong thoughts about this. We just want to keep working towards our goals. It’s a very interesting business. The question is can we bring something to the table that can make a lot of money.”
Goldstein Optimistic For the Future
There is no denying COVID-19 has hit casinos hard, those in Las Vegas especially. Sands’ total revenues for 2020 declined sharply to US$3.61 billion. Those same revenues were US$13.739 billion in 2019.
The Venetian and Palazzo are Sands’ two flagship Vegas Strip casinos. They reported a negative cash flow of US$124 million in 2020. Goldstein is confident Vegas’ best days are ahead despite enduring an awful 12 months.
“The customer demand for Las Vegas from 2022 to 2027 is unbelievable. It may take significant time to recover, but the demand will be there. We remain bullish on Las Vegas.”
The road to recovery for casinos is a long, meandering one. Vegas is one of the hardest-hit along with Macau and right here in Australia. The Australian gambling industry is the fifth worst-hit in the world. Crown Resorts, Star Entertainment, and Tabcorp reported massive reductions in revenue during the last financial year. There are positive signs, however, and now vaccines are rolling out we could return to some sort of normality.