Casino magnate and Republican Party’s megadonor Sheldon Adelson is moving away from his Las Vegas Sands Corp. for cancer treatment amid economic uncertainty in the global gambling industry due to the casino-19 epidemic.
Mr. Adelson, 87 years old, founded Las Vegas Sands and led the company after being diagnosed with non-Hodgkin lymphoma, which the company announced in March 2019. The billionaire is taking a medical leave to resume his cancer treatment.
Mr. Adelson, whose family is the majority owner of the company, said his succession plan is for the current executive team, including 25-year-old Sands veteran Robert Goldstein and Mr. Adelson’s son-in-law Patrick DuMont, who is leading the company. According to the person familiar with the conversation.
Mr. Goldstein, who was most recently chief operating officer and chairman, was named as acting chief executive and chairman by Sand’s board of directors during Mr. Adelson’s medical leave, the company said on Thursday. Mr. Dumont joined the company in 2010 and is the Chief Financial Officer and Executive Vice President.
Las Vegas Sands operates casino-resorts in the Chinese territory of McAu on the Las Vegas Strip and in Singapore. As Kovid-19 first came worldwide last year, casino closures and pandemic restrictions eliminated the gambling company’s revenue. Las Vegas Sands revenue decreased 82% in the third quarter of the previous year from the same quarter in the previous year.