Neil Cavuto of FOX Business and former Trump senior economic adviser Steve Moore remember Sheldon Adelson, who died on Tuesday.
Las Vegas Sands Corp. reported a 67% decline in fourth quarter revenue in its first report since the death of its billionaire founder, Sheldon Adelson.
The casino operator posted revenue of $ 1.15 billion in the December quarter, down from $ 3.51 billion a year ago. Analysts polled by FactSet had expected $ 1.27 billion.
SHELDON ADELSON, BILLIONAIRE TRUMP BACKER AND LAS VEGAS SANDS FUNDER DEAD
Although Nevada has allowed casinos across the state, including on the Las Vegas Strip, to reopen in the summer after an unprecedented closure last March, the state’s most important industry has recovered from restrictions on occupancy levels and lower spending and gambling. misfortune of international tourists due to limited travel.
The pandemic prompted casinos to reexamine their long-term operating costs. The owner of the Venetian and Palazzo casinos cut costs by 47% over the previous year, to $ 1.36 billion.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| I AGAINST | LAS VEGAS SANDS CORP | 49.04 | -3.38 | -6.45% |
On Tuesday, the company’s board appointed its former chief operating officer, Rob Goldstein, as chief executive officer and chairman of the board, and appointed Patrick Dumont, Adelson’s son-in-law, to the position of chief operating officer and president, initiating a business plan. succession to the gaming empire without its longtime leader.
Until now, Mr. Adelson had been the sole CEO of the company that started in 1989. Mr. Adelson died on January 11 at the age of 87 from complications of treatment for non-Hodgkin’s lymphoma.
The Adelson family holds a majority stake in the company, with around 57%.
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The Las Vegas Sands posted a loss of $ 299 million, or 39 cents per share, compared with a profit of $ 629 million, or 82 cents per share, a year ago. On an adjusted basis, the company recorded a loss of 37 cents per share. Analysts predict, on average, a loss of 32 cents per share.