Las Vegas Sands chairman Sheldon Adelson to take medical leave of absence

Las Vegas Sands has announced chairman and CEO Sheldon Adelson is to take a leave of absence on medical grounds.

Adelson announced in March 2019 he was receiving treatment for non-Hodgkin’s lymphoma. It is unclear how long his leave of absence will last.

The company’s board of directors has named Robert Goldstein, president and COO, as acting chairman and acting CEO of both Las Vegas Sands and Sands China Ltd in Adelson’s absence.

According to a Bloomberg report in October 2020, Adelson was eager to solicit interest for the sale of Sands’ Las Vegas casinos, with the company aiming to recover from the ongoing coronavirus pandemic.

The 87-year-old was reportedly looking to sell the Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, with the three properties worth an estimated $6m.

Any sale would confirm the company’s exit from the American market, leaving its only properties in Macau and Singapore.

Last month, however, the Texas Tribune reported Sands is looking to push for the legalization of casinos in Texas.

Like many other land-based operators across Las Vegas and indeed further afield, Sands has struggled financially amid the pandemic, reporting an 82% year-on-year revenue decline for Q3 2020.

Peter Lynch

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