Las Vegas Sands has new CEO
The owner of Las Vegas Sands, Sheldon G Adelson, died on January 11 after a long illness. The illness was the reason why he resigned from his post before his sudden death. Robert Goldstein was appointed as the new CEO. We would now like to explain what visions he is pursuing with the company.
Goldstein wants to pursue Adelson's plans
The good news in the The connection with the new CEO appointment is as follows:Goldstein has been with Sands since 1995 and has enjoyed a stellar career there. Originally he was responsible for the game operations and in 2015 he was appointed to the board. As COO, he was primarily responsible for the Venetian and Palazzo casinos. The previous position ofGoldstein was replaced by Patrick Dumont and replaced by Randy Hyzak.
But the most important question is how the group will continue. For now, Goldstein has announced that he wants to continue with Adelson's plans. But if that is really the case, many players and fans of the Las Vegas Sands would not be happy. Because one of Adelson's goals last year was: Sell the casinos in Las Vegas andfocus on the Asian market. Adelson Sheldon would like to receive $6 billion for his casinos. That may also be the reason why the sale has not yet gone through.
However, Adelson had been pursuing the idea of concentrating on the Asian market for a while. According to experts, Sheldon was instrumental in revamping the Macau market. Currently he wantedto withdraw from Las Vegas due to the corona pandemic. At least at the time of this idea, the numbers in Asia were calming down, while the number of infections in Las Vegas remained the same.
A little story about Las Vegas Sands
Anyone who knows how the Las Vegas Sands group came into being will regret the planned withdrawal from Las Vegas. He didn't come from a wealthy family, but he managed to work his way up to become one of the richest men in the world with Sands. Hardly anyone has had a career like that. He laid thefoundation for his success in 1988 when he acquired the first casino. The building at that time was demolished and replaced by today's Casino Venetian.
Apart from the economic success, Adelson scored on another level. Adelson had some sustainability items on the plan. He has achieved two of these. For example, he was able to reducewater consumption and greenhouse gas emissions and reduce waste. While he was even able to increase the first two goals, he did not achieve the set goal in the third area - but just missed it.
Additionally, Adelson can be described as one of the pioneers when it comes to player safety. He has introduced theResponsible Gambling Index in all his casinos. This is a high quality player protection for which all employees have been trained. Based on these positive facts alone, it would be unfortunate if Sands actually leaves Las Vegas.
Here are Goldstein's plans
Goldstein recently stated that he wants to continue Adelson's plans. He also announcedthat he wants to invest in all markets. However, he did not mention any specific plans. So it could well be that he also wants to focus on Asia. After all, in 2019, Sands generated more than 63 percent of all its sales in Asia. So it would be quite logical for the group to focus on this area.
Goldstein also wants to increase returns for shareholders. Likewisehe spoke of further development possibilities. What these consist of, however, the future will show. If the corona pandemic continues to rage, there could also be financial losses. Last year clearly showed that all on-site casinos had fewer visitors. This also when the casinos were already open again. This fact could also be a reason why the group is concentrating on other countries.
Last but not least, starting this year there will bestrong competition from the digital sector. After all, NetEnt is being acquired by Evolution and both companies have the space to strengthen their place in the US. Evolution will achieve this with the NetEnts license.
Negative Effects of the Shutdowns on Las Vegas
When the casinos in Las Vegas were closed last year,The American Gaming Association applied for financial support for all affected casinos. After all, a loss of over $6 billion was estimated for 2019 – just for Las Vegas. The percentage that Las Vegas Sands generated was not publicly disclosed. However, should this group also have suffered losses, Goldstein could now try to compensate for them.
The ideas Goldstein will come up with can be eagerly awaited. First, however, the mourning mood in the Las Vegas Sands house must disappear. Adelson's sudden death despite a long illness is still felt in this company. As soon as the affected people have recovered from this, they will take off.