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May 22, 2019

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Sands China fires CEO, names interim replacement

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Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands Corporation and his wife Miriam Adelson, attend the opening ceremony of the Venetian Macao Resort Hotel in Macau Tuesday, August 28, 2007.

Sands China Ltd., the fast-growing Macau subsidiary of Las Vegas Sands Corp., today said CEO Steve Jacobs was fired and removed from the board of directors.

Sands China didn't provide a reason for the departure of Jacobs, but the Wall Street Journal reported Las Vegas Sands CEO Sheldon Adelson has been critical of comments Jacobs made in a news story about the possibility of expanding in Japan.

Michael Leven, president and chief operating officer of Las Vegas Sands Corp., was named acting CEO of the Hong Kong Stock Exchange-listed Sands China.

J.P. Morgan analyst Joseph Greff said in a research note that investors may be worried about continued management strife at Sands China as most felt Jacobs was doing a solid job controlling costs, managing development projects and growing the company's mass market and VIP gambling market shares, TheStreet.Com reported.

Sands China said Leven will work with a special committee of the Sands China board in selecting a permanent chief executive officer. He will divide his time between Las Vegas and Macau while the search is being conducted.

Stephen Weaver, who was previously Sands China's president of Asian development, will also serve as an advisor to Leven during his tenure as acting CEO of Sands China.

"Adelson said this change to the management team would have no material impact on the company’s operations in Macau or its ability to complete the Sheraton/Shangri-La/Traders (parcels five and six) development currently under construction there," the company said in a statement.

Sands China owns the Venetian Macao, the Sands Macao and the Plaza Macao.

Las Vegas Sands' stock was steady on the news today, trading at $25.16, up 9 cents in early trading on the New York Stock Exchange.

Las Vegas Sands, which also has resorts in Las Vegas and Singapore and a casino in Pennsylvania, reports second quarter financial results Wednesday.

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