Feb 23, 2023 Newsdesk Industry Talk, Latest News
Yibing Mao has left the board of casino group Las Vegas Sands Corp, with effect from Wednesday, the firm said in a filing that day.
The company – parent of Macau operator Sands China Ltd and of Marina Bay Sands Pte Ltd, operator the Marina Bay Sands gaming resort in Singapore – said Ms Mao, an independent director, had “recently accepted a new role” elsewhere.
Las Vegas Sands added her departure “did not involve any disagreement with the other board members or with management”. She joined the casino group’s board in July 2021.
According to Las Vegas Sands, Ms Mao is a former chief legal counsel, Asia Pacific, at hotel operator and franchiser Marriott International Inc. Other biographical materials have described her as a native of Beijing.
Las Vegas Sands said that following her exit, the firm was for the time being not in compliance with a New York Stock Exchange rule requiring a company listed there to have a majority of independent directors on the board.
The firm said it would rely on a “controlled company” exemption from that listing requirement. That was on the basis that Miriam Adelson – widow of the group’s founder Sheldon Adelson – and trusts and other entities benefitting Adelson family members, controlled more than 50 percent of the voting power of the company’s common stock.
The firm said it “remains actively engaged in efforts to expand the number of independent directors on the board,” adding “all of the board’s committees remain comprised entirely of independent directors”.
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