GGRAsia – Adelson to replace Tracy as Sands China CEO

Adelson to replace Tracy as Sands China CEO

Jan 23, 2015 Newsdesk Latest News, Macau, Top of the deck

Sheldon Adelson (pictured) will replace Edward Tracy as Sands China Ltd’s chief executive, the Macau-based casino operator announced on Friday.

Mr Adelson, who is already the firm’s chairman, will be appointed as chief executive with effect from March 6. He will remain as chairman following the appointment, Sands China said in a filing to the Hong Kong Stock Exchange, where the firm is listed.

Sands China announced last week Mr Tracy was retiring with effect from March 6. He served as president and chief operating officer of the company from July 2010 to July 2011, before being appointed to his current role in July 2011.

Mr Tracy will still keep working for Sands China after retiring, but as a consultant.

Robert Goldstein, currently a non-executive director of the company, will be appointed as interim president and re-designated as an executive director, also with effect from March 6, the filing added.

Mr Adelson, aged 81, is already the chairman and chief executive of U.S.-based Las Vegas Sands Corp, the parent company of Sands China, with a stake of around 70.13 percent.

Mr Goldstein, aged 59, became the president and chief operating officer of Las Vegas Sands earlier this month, replacing Michael Leven, who retired. Prior to that, Mr Goldstein had been the firm’s president of global gaming operations since 2011.

Also on Friday, Sands China announced an interim dividend of HKD0.99 (US$0.13) per share, a 13.8 percent increase over last year’s interim dividend. “A total of approximately HKD7.99 billion in capital will be returned to eligible shareholders through the dividend, expected to be paid on February 27,” the firm said.

In a note commenting both announcements, Deutsche Bank AG analyst Karen Tang said the market could be “disappointed” that Friday’s announcement did not include a special dividend. Last year, Sands China’s interim and special dividend were announced together, she pointed out.

On the appointment of Mr Adelson as CEO of Sands China, Ms Tang said: “We are concerned that the frequent senior management re-shuffle could lead to another round of mid-level management departures from the company.”

She added: “Macau has a shortage in labour, especially in mid-level managerial talents.”

(Updated at 3.50pm)