Sheldon Adelson, the chairman of Las Vegas Sands is taking another medical leave to treat cancer. This is the second of such break he’s taking due to his diagnosis of non-Hodgkin’s lymphoma 2019.
This Thursday, Sands disclosed that Adelson would take another medical leave as he begins to treat his cancer. Rob Goldstein, the president and COO of Sands would act in his absence as the CEO/chairman of Sands and Sands.
It is not clear how long the treatment of Adelson will take. However, his cancer diagnosis came to public knowledge in the spring of 2019. This was when Adelson didn’t come back to active duty till October of 2019.
Also, Adelson suffers from peripheral neuropathy – this is a condition that frequently leaves him dependent on an electronic scooter which he uses to move around.
Initially. Investors took the news a little hard, as this pushed the share price of Sands down around 1.5 percent by mid-morning, then again, the shares have rebounded and is currently sitting back to where they started before the news. Analysts at Deutsche Bank issued a note advising that Goldstein was well-equipped to hold the fort in anticipation of Adelson’s return.
Recently, Sands established rumors that it was thinking about offers for its properties at Las Vegas, This consists of the Palazzo and Venetian casinos together with the Sands Expo Convention Center.
The corona virus pandemic has caused serious damage to the fortunes of Vegas casino and both Goldstein and Adelson have indicated their view that the market will not go back to its previous glories till the convention market rebounds.
According to news reports from the Vital Vegas blog, MGM Resorts and Hard Rock International (HRI) were among the companies considering if the expected asking price of $6 billion as requested by Sands is worth it.
The real estate investment trust of MGM previously showed interest in increasing its Vegas Strip holdings whereas HRI put pen to paper on a deal last spring to permit it to use the Hard Rock brand in Vegas if the right opportunity comes up.
In the meantime, Sands has established its efforts to lobby Texas politicians on legalizing casino gambling. According to Andy Abboud, Sands spokesman, he said in Texas last month that
“the biggest plum left to be picked in the increasingly saturated US casino market.”
To him, Sands’ pitch to lawmakers in Texas will take the angle that Sands building a top integrated resort would be like welcoming
“an Amazon Tesla or facility,” with the resulting “tens of thousands of jobs and hundreds of millions of dollars in tax revenue and ancillary benefits of hotels and tourism.”