Las Vegas Sands has been dealing with a variety of serious issues over the past year. To make things worse, the company’s founder and CEO is now in poor health. New reports indicate that Sheldon Adelson’s health problems have forced him to take a leave of absence from Las Vegas Sands.
There’s a lot happening with major Las Vegas casino companies right now. Today, we’ll talk about Adelson’s departure from LVS. We’ll also discuss some of the other plans that Las Vegas Sands has for the future.
Let’s get into it!
Las Vegas Sands Continues to Hint at Major Casino Sales
The city of Las Vegas is still struggling to bring in tourists. As a result, the casino companies here are seeing significantly lower revenue figures than they did in 2019. It’s a difficult situation that some feel will take years to fix.
Casino companies around the country have seen major drops in their monthly revenue figures. That includes Las Vegas Sands. As a result of these revenue drops, company officials have hinted towards selling some of their biggest venues in Las Vegas. That includes The Venetian and The Palazzo.
This announcement was surprising to hear. These two casino-resorts are some of the biggest and best in Las Vegas. Prior to 2020, these venues helped to bring Las Vegas Sands a huge amount of revenue every month.
It now seems this company no longer sees these venues as viable properties. There have been several other casino operators that expressed interest in taking control of these venues. As of now, Hard Rock International seems to be the most likely candidate.
Las Vegas Sands is clearly in a difficult situation. Unfortunately, CEO Sheldon Adelson is also dealing with serious health issues. These are now serious enough to force him out of his position as the leader of this company.
Adelson has been one of the most powerful men in the casino industry for years. We’re now beginning to hear more about the health problems that forced him away from the company.
Here’s What We Know About Sheldon Adelson’s Health Issues
Sheldon Adelson has been in the casino industry for decades. In recent years, reports began to circulate that he was dealing with serious health complications. He’s now 87 years old and some have questioned how long he would remain the leader of Las Vegas Sands.
This week, reports came out that shed more light on Sheldon Adelson’s health issues. It’s been confirmed that the CEO is now taking a leave of absence to undergo treatment for cancer. He “recently decided” to resume treatment for non-Hodgkin’s lymphoma.
Many knew that Sheldon was dealing with cancer. It wasn’t entirely clear how severe his case was, though. It’s now clear that things are serious enough to remove him from his position as the CEO of Las Vegas Sands.
Robert Goldstein will now take over as CEO of the company. He takes this position in one of the most difficult times in the company’s history. He and other officials will now need to further discuss the possibility of selling major Las Vegas properties.
Adelson is still optimistic about the future. Despite the difficulties, he feels that Las Vegas Sands will recover from the situation it finds itself in.
“Our properties in Las Vegas may be empty right now, but our hearts are full of hope for the future,” he said in a public statement late last year.
Hope is that Adelson recovers soon. He played a big part in expanding the Las Vegas casino industry. We’ll continue offering updates on this situation over the next couple of months.
How Are Other Casino Companies Faring Right Now?
Las Vegas Sands is far from being the only company seeing its revenue figures drop. As we mentioned earlier, this is an issue that is affecting just about every major casino operator around the United States. Most analysts agree this is the hardest time in the history of the US casino industry.
Wynn Resorts has been seeing big dips in its revenue lately. Las Vegas isn’t entirely to blame for these issues. Wynn Resorts’ casinos in Massachusetts and Macau have also been losing money for the past ten months.
The Encore Boston Harbor was hugely successful in Massachusetts not long after opening. Beginning in March, however, this casino began to see massive revenue declines. There is now a fear that all of the casinos in Massachusetts could close down again in the near future.
MGM Resorts has also been experiencing huge drops in revenue. All of the company’s casinos in Las Vegas have been suffering lately. MGM Springfield in Massachusetts is hurting, too. This company recently had its worst-ever month since opening to the public.
The country’s land-based casino industry is hurting right now. Sheldon Adelson’s health issues are likely to take a toll on Las Vegas Sands. Hopefully, we begin to see things improve over the next couple of months.
Are you surprised to hear about Sheldon Adelson? How do you think this will impact Las Vegas Sands? Let us know in the comments section below!