Las Vegas Sands CEO Sheldon Adelson to lead China subsidiary
LAS VEGAS (AP) — Las Vegas Sands CEO Sheldon Adelson will take the same title at his company’s subsidiary in Macau, Asia’s gambling mecca near Hong Kong.
Sands China Ltd. announced Friday that the 81-year-old billionaire would also become chairman and executive director, effective March 6.
Las Vegas Sands owns the Venetian and Palazzo on the Las Vegas Strip, as well as properties in Macau and Singapore.
Government statistics show Macau gambling revenue has been sliding after years of meteoric increases. That is largely due to a slowing economy in China. China posted its weakest economic growth in nearly a quarter century on Tuesday.
Sands China’s current president and CEO since 2011, Edward Tracy, is retiring.
Las Vegas Sands President Robert Goldstein has been appointed interim president of Sands China.