GGRAsia – Adelson to return to regular hours after treatment: firm

Adelson to return to regular hours after treatment: firm

Mar 04, 2019 Newsdesk Latest News, Macau, Top of the deck, World

Macau casino operator Sands China Ltd says its chairman and chief executive, Sheldon Adelson (pictured), should return to his “regular [working] schedule” once he has completed treatment for a form of cancer. The company said in a Friday statement that the executive was still “fulfilling his duties” as chairman and CEO.

The casino magnate has not appeared in his office since late December, according to an attorney representing him in a court case in the United States, but his absence was first noticed after he missed the company’s January earnings report conference call.

The state of Mr Adelson’s health was discussed last week in a court hearing concerning whether a Chinese consultant helped Mr Adelson get his current Macau gaming licence. The lawyer said Mr Adelson was too ill to testify in a forthcoming court hearing, according to media reports.

The judge overseeing the civil lawsuit said Mr Adelson would not have to testify during the trial or sit for a deposition, reported the Associated Press. According to the news agency, the decision was handed down on Friday following a closed hearing.

Mr Adelson is chairman and CEO of U.S.-based casino operator Las Vegas Sands Corp, the parent company of Sands China.

In a Friday statement issued post that media coverage, Sands China stated: “Mr Adelson is still dealing with certain side effects from medication he is taking for the treatment of non-Hodgkin’s lymphoma. These side effects have restricted his availability to travel or keep regular office hours.” The Macau unit noted that such side effects had not diminished Mr Adelson’s role in company management.

“The company anticipates that Mr Adelson will return to his regular schedule at the completion of his treatment,” added Sands China.

Mr Adelson usually takes part in company earnings conference calls but missed one on January 23. “Sheldon is not joining us on the call today. He’s a little bit under the weather,” Las Vegas Sands president and chief operating officer Robert Goldstein had said during that conference call.

“At 85 years of age, health issues should not be a surprise to investors,” said brokerage Sanford C. Bernstein Ltd in a Friday note, referring to Mr Adelson. “The recent news regarding Mr Adelson’s health should not cause investor alarm with respect to Las Vegas Sands or Sands China,” it stated.

The brokerage added: “The companies both have strong management teams and there is an internal succession contingency in place in the event of Mr Adelson’s inability to perform his duties as chairman and CEO.”