Leading gambling and casino empire, the Las Vegas Sands Corp. has released a statement revealing the names of the people who will hold the top positions in the conglomerate and will take Sheldon Adelson’s legacy forward. The reins of the gambling hub will fall into the hands of Rob Goldstein and Patrick Dumont, who will work for the leadership of the global casino leader. The executive board has taken the decision as part of its succession plan to run the management.
As per the report, the Sands Group’s top position has been served by its founder Sheldon Adelson since 1989, when the firm was formed. This chairmanship came to an end on January 11, 2021, when Mr. Adelson, 87, died due to complications in his treatment for non-Hodgkin lymphoma disease. The Sands Group has a diverse business that is spread to Las Vegas, Macau, and Singapore and rules the industry with a capitalization of $40 Billion with $13.7 Billion in net revenue in 2019. The group’s founder’s demise triggered the executive board to make a quick decision for assigning designation to deserving officials of the firm.
The board honored Rob Goldstein, 65, with the top designation as the company’s Chief Executive and Chairman. He was previously working as the Chief Operating Officer and President of Sands and boasts a vivid 25 year-long working experience. His name gained popularity when he worked on the Venetian project, the first big casino venue of sands on the Las Vegas Strip. He worked as the acting CEO when Mr. Adelson took leave during the earlier weeks citing medical complications.
The next top position was given to Patrick Dumont, who will serve as the Chief Operating Officer and President of the entity. He joined Sands Group a decade ago as the Chief Financial Officer of the firm. Dumont is the son-in-law of Adelson as he is married to Sivan Ochshorn, the daughter from a past marriage of Miriam Adelson. Randy Hyzak is named as the Chief Financial Officer in the new setup.
The members of the Adelson family own nearly 57% of the stake in the entity. In this, a major share of roughly $24 Billion was held by Miriam Adelson in the form of shares and trusts. The decision comes at a peak time when the casino and gambling industry is reeling under the plight of the COVID-19 crisis. The revenue of Las Vegas Sands’ saw a downfall of 82% in the third quarter of 2020 compared to the same time frame of the previous year. Earlier in October, Sands stated that the team is planning to sell its Las Vegas venues, including the expo center and the Venetian and Palazzo hotel-casinos. Talking about this, Mr. Goldstein said that the firm has not taken a decision on the sell-off but is working on expansion plans in Texas and New York City.