U.S.-based casino developer Las Vegas Sands Corp announced on Wednesday the appointment of Xuan Yan to the firm’s board. The company is the parent of Macau casino operator Sands China Ltd.
“Mr Yan is currently a senior executive with Microsoft Corp in the Greater China Region and has previously held senior leadership positions in China with other global technology firms,” the casino operator said in a filing. Las Vegas Sands did not elaborate on the decision to appoint Mr Yan as a non-employee company director.
Mr Yan’s appointment comes amid growing trade tensions between the United States and China, and as Sands China is preparing for the anticipated retender process for its Macau gaming rights. The current six casino licences expire in June 2022.
In July, Sands China said its second-quarter net revenue reached US$2.15 billion, up 1.4 percent from the prior-year period. Adjusted earnings before interest, tax, depreciation and amortisation for the period grew by 2.0 percent to US$765 million.
Sands China is currently involved in several ongoing expansion and refurbishment projects involving its Cotai properties. That includes the reconversion of casino resort Sands Cotai Central as the Londoner Macao, to be completed in phases starting 2020.
Mr Yan will be entitled to an annual US$150,000 cash retainer, Las Vegas Sands said in its filing.
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”The upswing in visitation and gaming revenue is likely to aid Fitch-rated casino operators with a presence in Macau in reducing their debt levels”