The major casino resort companies are run the same way big time international businesses are run. There are CEO’s and boards of directors, and share holders to please. They are run this way because, that is what they are, big time international businesses. This also means the casino companies are just as susceptible to the coat throat business world. Make the boss angry and you could find yourself pounding the pavement. This month Las Vegas Sands Corporation’s Sand’s China lost its Chief Executive Officer and President. Steven Jacobs was abruptly told to pack up his belongings and leave. Jacobs held that top job that over saw Las Vegas Sands Corporation’s Macau operations. Jacobs was making a base salary of $1.3 million.
Unlike other CEO’s that have stepped down, Jacobs got no “we hope he does well” statement from his former bosses. There was no skirting around it, he was fired. Sadly, this dod not come as a big surprise to those who follow the casino resort industry or Las Vegas Sands investors. Jacobs and Las Vegas Sands Chairman and Chief Executive Officer, Sheldon Adelson, had a much publicized rocky relationship. Jacobs had wanted more control over Sands China without interference from the parent company, Mr. Adleson did not agree.
Sands China is set to restart a couple of construction projects in Macau and the need for harmony between Sands China and the home office are imperative. Michael Leven who is Las Vegas Snad Chief Operating Officer and President will serve as the new Sands China CEO.
Officials from Las Vegas Sands are expecting to take a bit of a hit on the trading floor in reaction to the firing, but do not believe it will have a long term affect. They think the solid working relationship between the new CEO and the big boss will help move the company forward more smoothly, and translate to better business.
