【stake vip telegram】Las Vegas Sands chair and CEO Robert Goldstein to step down

Patrick Dumont, the company’s current president and chief operating officer (COO), is set to assume the top leadership position following Goldstein’s transition, according to an LVS press release.

Goldstein, who has been with LVS since 1995, took over as Chairman and CEO in 2021 following the death of the company’s founder, Sheldon Adelson.

The company confirmed that Goldstein will serve as a senior advisor for two years until March 2028, focusing on government relations, gaming strategies, and new physical development opportunities.

In a filing with the Securities and Exchange Commission on Thursday (6 March), Sands disclosed modifications to Goldstein’s employment contract, stating that he would earn $4.5m annually as an advisor throughout the contract’s duration.

Reflecting on his tenure, Goldstein highlighted the evolution of LVS from a gaming-focused operation to a diversified integrated resort model, which reshaped tourism in major markets such as Las Vegas, Macau, and Singapore.

Goldstein joined LVS in 1995, working closely with Adelson prior to the opening of The Venetian Las Vegas. By the time the resort opened in 1999, Goldstein had assumed the role of president.

He played a pivotal role in developing Sands’ gaming business, expanding retail operations and introducing high-profile dining concepts through partnerships with celebrity chefs.

Reshaping Las Vegas, global gaming markets

The 3,000-room Venetian was initially met with skepticism due to its focus on business travelers and convention attendees during the week, supplemented by leisure visitors on weekends.

However, Goldstein emphasised that this innovative model ultimately proved to be a significant success.

In 2004, he spearheaded the company’s efforts to divest its retail properties at The Venetian and the yet-to-be-opened Palazzo, securing a $1.5bn deal.

At the time, industry analysts hailed the transaction as a significant milestone, highlighting its impact on the valuation of Las Vegas Strip real estate. The sale also contributed to broader investment in Las Vegas property.

Later that year, Goldstein played a role in Sands’ initial public offering on the New York Stock Exchange, where the company went on to achieve the highest market capitalisation within its sector.

Goldstein was also instrumental in expanding LVS operations to Macau and Singapore, contributing to the company’s dominance in the global gaming sector.

He was promoted to president and COO in 2014, before ascending to the role of CEO and Chairman in 2021.

Dr. Miriam Adelson, LVS’s majority shareholder and Sheldon Adelson’s widow, praised Goldstein’s contributions and leadership over the years.

LVS confirmed that Goldstein’s role as senior advisor will be his only position within the company and its subsidiaries when the transition takes place next year.

Dumont, who is married to Miriam Adelson’s daughter and has been with LVS for several years, has played a crucial role in the company’s financial and operational strategies.

His leadership will likely continue the company’s focus on integrated resorts, global expansion, and new development projects.