Sands China Ltd has appointed Dave Sun Min Qi as the firm’s new chief financial officer, the Macau-based casino operator said in a Monday filing to the Hong Kong Stock Exchange. The appointment was effective immediately.
Mr Sun is a veteran executive of Sands China. He was appointed director of finance of the company in August 2007 and in 2013 was promoted to senior vice president of finance. He will retain the title of senior vice president.
“During his tenure as director of finance for the company, Mr Sun was responsible for managing financial strategy and financial planning and analysis at the company, and he also played a key role in managing the company’s initial public offering in 2009,” Sands China said in the filing.
It added: “After his promotion to senior vice president of finance, Mr Sun’s role expanded to include … oversight of the company’s accounting, treasury, tax and information technology functions.”
Prior to joining Sands China, Mr Sun held a variety of financial-related positions within the General Electric group in Asia.
In February, Sands China confirmed to GGRAsia that Stephen Law Cheuk Kin had left the role of chief financial officer for the company “to pursue other business interests and opportunities.”
Mr Law had joined the casino firm in September 2016 – according to media reports at the time – having previously been finance director of MTR Corp Ltd. The latter business is responsible for developing and operating Hong Kong’s mass transit railway system.
Sands China’s parent company – U.S.-based Las Vegas Sands Corp – is scheduled to announce its first quarter results on Wednesday. The data will include information on Sands China’s performance in the first three months of 2017.
Net revenues for Sands China – on a U.S.-generally accepted accounting principles (GAAP) basis – declined 2.5 percent to US$6.69 billion in 2016, compared to US$6.86 billion in 2015. Net income fell by 15.9 percent year-on-year to US$1.22 billion in 2016.
The stock of Sands China offered investors a one-year return of 36.79 percent in 2016, according to Bloomberg data collated by GGRAsia.
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"I am not going to speculate on what the [casino licence refreshment] tender requirements would be. I have full confidence and faith in the Macau government to treat everyone fairly"
Wilfred Wong Ying Wai
President and chief operating officer of Macau-based casino operator Sands China