Las Vegas Sands officially named Rob Goldstein as chairman and CEO of the casino company, a move many expected following the Jan. 11 passing of company founder Sheldon Adelson.
In a statement Tuesday, Las Vegas Sands said Patrick Dumont would become president and chief operating officer. Dumont had been chief financial officer of Las Vegas Sands since 2016.
The management changes were announced the day before the company released its fourth-quarter and year-end earnings.
Las Vegas Sands Chairman and CEO Rob Goldstein
Goldstein was named acting chairman and CEO on Jan. 7, when it was announced Adelson was taking medical leave. Adelson died at age 87 from complications related to treatment for non-Hodgkin’s Lymphoma. He was the company’s only chairman and CEO in its history.
Miriam Adelson, 75, the widow of Sheldon Adelson, has control of 56.6 percent of the company’s outstanding stock through personal ownership and several family trusts in which she is one of two trustees.
“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,” Goldstein said in a statement. “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 honors his vision.”
At the time of his death, Adelson’s net worth was estimated by Forbes Magazine at $35.9 billion, 19th on the Forbes 400.
In a subsequent filing with the Securities and Exchange Commission, Goldstein was also named chairman and CEO of Sands China, the Hong Kong-based subsidiary the operates the company’s properties in Macau.
J.P. Morgan gaming analyst Joe Greff said he expects the company on Wednesday to comment on Adelson’s passing and what it means to his estate potentially selling shares of the company’s stock.
“We expect them to nip this investor concern in the bud and say no, this is not an event for the estate to sell some shares, which we think will bring a positive perspective to something that has been a source of a lot of incoming investor questions,” Greff said.
Goldstein, 65, held a variety of leadership roles since joining Las Vegas Sands in 1995 and has been the company’s president and chief operating officer since 2015. He also served as president of global gaming operations and executive vice president and president and chief operating officer of the Venetian and Palazzo Las Vegas.
Dumont, 46, moved into the CFO position after serving in several senior level operating and finance positions starting in 2010. He is married to one of Miriam Adelson’s daughters from her first marriage, Sivan Ochshorn.
Las Vegas Sands President Patrick Dumont at the Nevada Gaming Commission on Thursday, May 18, 2017. (Jeff Scheid/The Nevada Independent)
Dumont has more than 20 years in finance, corporate strategy, and management and worked in investment banking at Miller Buckfire & Co. and Bear Stearns & Co. His public profile through the company has increased over the past few years.
Both Goldstein and Dumont are members of Las Vegas Sands’ 11-person board of directors. Goldstein has long been licensed by the Nevada Gaming Commission in various roles. Dumont was licensed as CFO in 2017.
“Mr. Adelson established the roadmap for the future of this company, and that roadmap is unchanged,” Dumont said. “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.”
Randy Hyzak, who was Las Vegas Sands chief accounting officer, was promoted to CFO. He joined the company in 2016.
Las Vegas Sands operates the Venetian, Palazzo, and Sands Expo in Las Vegas and the Marina Bay Sands in Singapore.
In Macau, through its majority ownership in Sands China Ltd., the company operates Venetian Macau, Plaza and Four Seasons Hotel Macau, Londoner Macau, and Parisian Macau, as well as the Sands Macau on the Macau Peninsula.
Shares of Las Vegas Sands, traded on the New York Stock Exchange, closed at $52.42 on Tuesday, down 56 cents or 1.06%.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
