Sands China’s Rob Goldstein re-elected as CEO

Charles Forman and Kenneth Chung have been reelected as directors.

Macau.- Sands China has confirmed the re-election of Rob Goldstein as the company’s chairman and chief executive at its annual general meeting. Charles Forman and Kenneth Chung were re-elected as non-executive directors. Goldstein assumed the roles in January 2021.

The meeting also saw the approval of a general mandate empowering the directors to repurchase shares. The repurchased shares cannot exceed 10 per cent of the total number of issued shares. The directors were granted permission to allot, issue and deal with additional shares, capped at 20 per cent of the company’s issued shares.

Sands China recently reported net revenue of US$1.28bn for the first quarter of 2023, up 132 per cent when compared to last year. Its net loss was US$10m, down from US$336m in the prior-year period and from US$348m in the previous quarter. 

The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first quarter was US$398m, compared to negative US$11m for the first quarter of 2022. Some 3,800 rooms remained out of service due to labour constraints during the quarter.

Sands China suspended its dividend program in April 2020. The company has agreed with lenders to extend the dividend-restriction period by 18 months as part of an amended and restated facility agreement worth approximately US$2.49bn.