Earlier today, Sands China Ltd. submitted a special filing to the Hong Kong Stock Exchange, announcing that Edward Tracy, the company’s current president and CEO, will step down from his position as of March 6.
However, he will still be employed by the popular casino operator as its consultant.
Mr. Tracy held the position of president and COO of Sands China from July 2010 to July 2011. He was also a special advisor to the company’s committee for capital expenditure between March 2011 and July 2011. Mr. Tracy was appointed to his current post in July 2011. He was preceded as president and CEO of Sands China by Michael Leven. Last year, the latter retired as president and chief operating officer of Las Vegas Sands.
Sands China stated in its note that he will still be working with the management team of the company. It was also pointed out that his retirement was by no means due to any disagreements with the operator’s board. What is more, there will not be any negative consequences for the shareholders.
The note also said that a special meeting will be held on January 23 and the most suitable candidates for the position of a CEO will be presented.
D.S. Kim, an investment analyst from the region, stated that he believes the transition will be “smooth” and there will be no significant impact on the company’s new projects.
Speaking of new ventures, Sands China’s new resort The Parisian is most likely to have its soft opening towards the end of 2015. The $2.7-billion casino and hotel venue will offer to its visitors various entertainment options and attractions.
Back in October 2014, the management team of Las Vegas Sands Corp., Sands China’s parent company, shared that the property is expected to open its hotel in November or December 2015. The official opening is scheduled for March 2016.
Sheldon Adelson, chairman and CEO of Las Vegas Sands, expressed his gratitude to Mr. Tracy in a special statement. He did not miss the opportunity to point to his numerous contributions to the success of the gaming operator.
Mr. Adelson also said the management team of Sands China will keep on developing the company in an innovative and efficient manner. On the other hand, the casino operator fully supports the government of Macau in its efforts to make the administrative region less dependent on gambling activities.
Las Vegas Sands’ chairman also pointed out that they will remain “deeply committed” to Macau’s future development and to all the 28,000 people that are working in their venues in Asia’s most popular gambling hub.
