Casino companies around the United States are still struggling to bring in players right now. It’s been a dark time for many of these companies with no clear end in sight. One of the men responsible for helping this industry growth has just passed away. Today, we’re going to discuss the details of Sheldon Adelson’s death.
Many knew that the Las Vegas Sands CEO was in poor health. It wasn’t entirely clear how serious his situation was, though. His death will have a lasting impact on LVS over the next few decades.
Here’s what we know about this situation.
Looking Back at Sheldon’s Adelson’s History in the Casino Business
The US casino industry has grown considerably over the past few decades. Many credit Sheldon Adelson for being one of the key figures in growing casinos around the country. His time in the gambling industry dates back to the 1980s.
First, Sheldon purchased the Sands Hotel and Casino in Las Vegas for a mere $110 million. He then took his experience in the convention industry and purchased the Sands Expo and Convention Center. This was the only privately-owned convention center in the country.
Just a few years later, Adelson decided to open his first mega-resort with The Venetian on the Las Vegas Strip. Over the next few decades, he continued to open massive casino-resorts around the world. He eventually grew his fortune to more than $35 billion.
Adelson has served as the CEO of Las Vegas Sands for decades. His decisions helped the company grow bigger than anyone expected. Last week, news broke that he was stepping down as CEO of the company to focus on cancer treatment.
It was surprising news to hear. No one seemed to know how serious Adelson’s health issues truly were. It was confirmed he was suffering from Non-Hodgkin’s Lymphoma. It now seems that his case was more severe than many initially thought.
Adelson was a major player in the casino industry. He certainly had some detractors, yet there’s no doubt he played a huge role in helping the country’s casino industry grow.
Sheldon Adelson’s Death Has Been Confirmed
Hearing that Sheldon Adelson was stepping down as CEO of Las Vegas Sands spread fast. There were obvious concerns for the gaming mogul. As we just mentioned, however, no one really knew how serious his condition was.
It’s now clear that Adelson was struggling immensely. Numerous reports have confirmed that he has passed away at the age of 87. It’s also been confirmed that his death came from his battle with Non-Hodgkin’s Lymphoma.
The casino mogul was well-known for his major donations to the Republican Party. He spent millions helping with Donald Trump’s campaign in 2016. Trump released a statement offering condolences to the LVS CEO shortly after his death was announced.
“His ingenuity, genius, and creativity earned him immense wealth, but his character and philanthropic generosity his great name,” the statement said. “Sheldon was true to his family, his country, and all those that knew him. The world has lost a great man. He will be missed.”
Sheldon Adelson’s death is sending shockwaves through the casino industry. It comes at an extremely difficult time for Las Vegas Sands. The company will now move forward with Robert Goldstein serving as CEO.
Las Vegas Sands, like all other US casino companies, has a difficult year ahead. There are many now wondering what steps the company will take to increase revenue.
What is Next for Las Vegas Sands?
The past ten months have been extremely difficult for Las Vegas Sands. 2020 wasn’t the only tough year for this company, though. Over the past two decades, LVS has gone through several rough patches. In 2009, Sheldon Adelson saw his net worth drop to just $2 billion due to the company’s struggles.
This is now a different situation than LVS has ever faced before. Sheldon was well-known for being the primary decision-maker in the company. There will likely be a feeling out process while the company adjusts to his permanent departure.
Sheldon Adelson’s death also means that Las Vegas Sands will need to make a decision on the proposed casino sales brought up last year. This company made headlines by announcing it was interested in selling both The Venetian and The Palazzo. These two venues have been major revenue-earners for LVS in the past.
The situation in Macau is also a serious talking point. Las Vegas Sands owns and operates several casino-resorts in the Chinese territory. Unfortunately, Macau has seen extremely low tourism figures and revenue has plummeted. It wouldn’t be a shock to see some of the casinos here sold soon, too.
All major US casino companies are struggling right now. Hopefully, effective vaccine distribution helps casino destinations recover as the year goes on. We’ll continue offering more updates on the situation with Las Vegas Sands over the next few months.
Are you surprised to hear about Sheldon Adelson’s death? How do you think this will impact Las Vegas Sands? Let us know in the comments section below!