Las Vegas Sands Corp, parent of Macau casino operator Sands China Ltd, on Wednesday announced the appointment of Patrick Dumont as the firm’s chief financial officer.
Mr Dumont, 41, has served as the company’s senior vice president of finance and strategy since September 2013. He joined Las Vegas Sands in June 2010, then as vice president for corporate strategy.
Mr Dumont is the son-in-law of Sheldon Adelson, chairman and chief executive of Las Vegas Sands. Mr Adelson is the company’s major shareholder.
“Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time. We are extremely pleased to formally appoint him to this role, and we look forward to his contributions in the years ahead,” Mr Adelson said in a statement on Wednesday.
The appointment fills a vacancy left open since July 2013, when Kenneth Kay stepped down as CFO.
Commenting on his new role, Mr Dumont said: “My primary focus will be on helping maintain the industry’s strongest balance sheet, preserving the financial flexibility needed to pursue new development opportunities, continuing our strong commitment to return excess capital to our shareholders and fulfilling our commitment to leading the industry in financial controls.”
Prior to joining Las Vegas Sands, Mr Dumont worked in investment banking at Miller Buckfire and Co LLC and Bear Stearns Companies Inc.
Mr Dumont will receive an annual base salary of US$1.2 million and is eligible for a bonus of as much of 100 percent of his annual pay, Las Vegas Sands said in a separate filing to the U.S. Securities and Exchange Commission. He was also granted options for 650,000 shares, the firm added.
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"If the [Macau casino] concessions are put up for bid, there will also be a lot of giant Chinese companies, some having nothing to do with gaming, which would like to take over these enormously successful casinos”
Professor emeritus at Whittier Law School in California, in the United States, and a visiting professor at University of Macau