Market Reacts To Death Of Sheldon Adelson

By Ben Hamill - January 15 2021
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Market Reacts To Death Of Sheldon Adelson

The recent death of casino businessman billionaire Sheldon Adelson, who died at his southern California home on Monday night at the age of 87, isn’t anticipated to have much of an impact on the foreseeable future of Las Vegas Sands Corporation. So said several economic and industry analysts in response to questions about the proposed effects the casino mogul’s death are expected to have on his business empire.

According to a statement issued by Adelson’s wife, Dr Miriam Adelson, the casino billionaire died after a protracted battle with cancer. His death was reportedly caused by complications resulting from non-Hodgkin lymphoma, which is thought to have first been diagnosed in 2019.

Born to parents of Ukrainian Jewish and Lithuanian Jewish ancestry, Adelson grew up in Boston in the United States. He eventually established Las Vegas Sands Corporation in 1988, and has since grown the company to over 50,000 employees and an annual revenue turnaround of more than $13 billion.

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Investors Happy With Interim CEO

Adelson died only four days after taking medical leave from the casino giant he continued to serve well into old age. In the days leading up to his death, he positioned current Las Vegas Sands President Rob Goldstein in the role of acting CEO, effectively putting him in charge of the entire operation.

According to wide industry consensus, including the opinion of Carlo Santarelli from Deutsche Bank Securities Inc., Goldstein is “more than equipped” to oversee the ongoing running and operations of Las Vegas Sands. As such, the arrangement put into place by Adelson before his passing, will likely remain as is for the next few months.

Good news for the casino group is that judging by the fact that the value of the casino giant’s stocks have remained practically unchanged at the New York Stock Exchange, investors clearly have faith in Adelson’s decision to appoint Rob Goldstein in his stead.

What The Future May Hold

Since Rob Goldstein was first appointed to the position of President of Las Vegas Sands Corporation in 2015, leaving him with several years of experience overseeing the running of the firm, analysts have predicted that the 65-year-old may eventually get appointed the corporation’s permanent leader.

Another possibility is the appointment to the position of CEO of current Chief Financial Officer Patrick Dumont, who happens to be married to Sivan Ochshorn, who is the daughter of Miriam Adelson.

A further expectation is that Las Vegas Sands will remain focused on Asian markets such as Japan and Macau.

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