Adelson Family Heir To Las Vegas Sands

With the passing of Sheldon Adelson the billionaire founder & majority shareholder of Las Vegas Sands many within the gaming industry have been asking what is the direction of the company now the man that founded the business and was a strong opponent of online gambling is going to be?

For the short term everything will be normal, Robert Goldstein is now announced as the CEO from his previous role as President and Chief Operating Officer since 2015.

Most within the industry believed Goldstein who has worked for Las Vegas Sands since 1995 had assumed the new role of CEO on a permanent basis was a given for his work for the company over the last two decades.

However with the Adelson family having a total of 56.6% stake in Las Vegas Sands, is there anyone from within that family who could assume control in the future?

The one man who could possibly be the new heir is Patrick Dumont, he is the son in-law to Sheldon Adelson and married to his step-daughter from his marriage to second wife Miriam.

Previously Dumont worked for the Las Vegas Sands as their Chief Finance Officer and now under the new structure is President and Chief Operating Officer of the company.  He joined Las Vegas Sands in 2010 in various other roles with the 46-year-old Dumont from New York, married Sivan Ochshorn in 2009 and joined the family business. Indeed back in 2015 it was alleged that Dumont was instrumental in Adelson acquiring the Las Vegas Review Journal for some $140 million.

The acquisition was a bitter affair with many staff and writers opposed to the sale, however it happened and management within Sands believe Dumont has been involved with Adelson in the past in other acquisitions the company have made.

Many analyst’s believe that with the passing of Adelson Dumont will be the “key” figure representing the families interests and will at the very least be given a more prominent role within the boardroom and maybe also the top job in the coming years after a period of stability after the passing of Adelson with Goldstein in charge.

It is believed by many that it could be too soon for Dumont to take control,  Goldstein will  in the short to medium term steer the company into a new era with online sports betting on the agenda.

Already even before the death of the companies founder Las Vegas Sands were reported to be gearing up to enter the sports betting industry that is growing rapidly now in the US and indeed was recently brought up again in the companies latest annual results conference call.

Was this an idea from Dumont or Goldstein or both? Whoever from Las Vegas Sands had the idea it is clear that the company is moving in a new direction. Whether the rumours of a meeting between James Packer and the Adelson family during the New Year holidays is correct over the acquisition of his remaining interest in the ailing Crown Resorts business, there seems to be a clear path in where the company wants to go.

That is move out of Las Vegas, look to expand within the International gaming industry, gain more traction into local states for casinos and jump into sports betting while the industry is growing.