Adelson leave will not impact Sands China operations
Several analysts said the absence of the founder of LVS and Sands China will not impact gaming operations.
Macau.- Sheldon Adelson’s leave of absence will not have a negative impact on group operations, analysts have said.
During the leave of absence, Adelson will become a non-executive director of the company.
President and chief operating officer, Robert Glen Goldstein, will replace him and will be re-designated as an executive director of Sands China with effect from 7 January 2021.
Chief financial officer Grant Chum Kwan Lock will also be appointed as an executive director of Sands China.
In a recent filing, JP Morgan Securities (Asia Pacific) Ltd said it did not expect any changes to Sands China’s operations during Mr Adelson’s absence as the Macau unit had “always been managed by the local management team”.
Analysts DS Kim and Derek Choi from the brokerage, wrote: “It’s also unlikely that the group’s strategic direction changes with this appointment, since we have long viewed Mr Goldstein as ‘the next man up’”.
Deutsche Bank Securities Inc released a memo where analysts Carlo Santarelli and Steven Pizzella consider that Mr Goldstein “is more than simply well equipped to perform the active duties in the absence of Mr Adelson during his treatment”.
They added: “As it pertains to the international activities of Las Vegas Sands, we believe relevant governments are aware that the commitments made by Mr Adelson, on behalf of the company, are generational and as such, we do not believe there will be concerns around a change in strategy in Mr Adelson’s absence”.
Las Vegas Sands and Sands China founder Sheldon Adelson has announced he will step down from his positions as chairman and chief executive officer due to medical reasons.
The 87-year old gaming businessman revealed in March 2019 that he was being treated for non-hodgkin lymphoma, a cancer of the lymphatic system, and now needs to receive further treatment.
As at the date of this announcement, Adelson had interests in 5,657,814,885 shares or underlying shares of Sands China and interest of 397,370,551 shares or underlying shares in Las Vegas Sands.
