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Third executive leaving Las Vegas Sands
Tuesday, March 24, 2009 | 3:06 p.m.
Sun Archives
- Sands not so adored in Macau these days (3-23-2009)
- Sands president begins early, earning base of $2 million (3-17-2009)
- Las Vegas Sands replaces president (3-9-2009)
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- Las Vegas Sands directors hit with shareholder lawsuit (1-28-2009)
- Las Vegas Sands: A big rise, a big fall (1-18-2009)
Another Las Vegas Sands executive is leaving the company.
Brad Stone, executive vice president and president of global operations and construction, is resigning, according to a Securities and Exchange Commission filing today. A resignation letter was not attached to the SEC filing.
Stone was a long-time colleague of former Sands president William Weidner, who was ousted from the company earlier this month. Following Weidner’s departure, speculation arose that Stone might also leave the company.
Las Vegas Sands couldn’t immediately be reached for comment.
Stone has served as the company’s executive vice president since 1995. In 1981, he became the director of operations at the Sands Hotel Atlantic City.
Stone is the third Sands executive to the leave the company this month. After Weidner left, director James Purcell resigned after he said he disagreed with the board’s decision to terminate Weidner’s employment and appoint Michael Leven in his spot.
Discussion: 16 comments so far…
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Hello??? Las Vegas Sands DID NOT own the Sands in Atlantic City!!! It's just a coincidence that these guys ran the AC Sands before joining LV Sands. Sheesh, do you people know ANYTHING about the history of this industry???
Hey Dave, apparently your comprehension level is minimal. Stone was VP in Atlantic City before Adelson set up shop in Las Vegas. Ergo, it was the previous Sands Corporation that Stone worked for and not Adelson's LVS. Nowhere did the Sun connect the two Sands Corporations with Stones employment history.
No, fool. The AC Sands was OWNED by Pratt Hotels and Hollywood Casino Corp., not the Sands Corp. Before that it was the Brighton. Pratt leased the name Sands to use in AC.
And they changed the story since it first was published. She said Stone joined LV Sands in 1981. She has since corrected it thanks to my comments.
Dave and kenodave, the story was just updated to reflect that when Stone joined Sands in 1981, it wasn't Las Vegas Sands. Sorry for the confusion.
Dave was right at that moment. Before the correction there was an intimation that it was LVS in AC at that time employing Mr. Stone.
Whatever you guys are talking about, is actually not that important. Fact is, LVS is losing one management member after the other and the company seems to be in bad shape. Bad business, and obviously disagreement among the top leaders in the company, that's poison for a future success of that co. I am curious how Mr Adelson plans to guide this boat through the next months and how he plans to open successfully the Marina Bay Sands in Singapore. My money says, that big thing will go bust within the 12 first months of operation.
From Switzerland
Stone will be a bigger loss than Weidner. He was their construction guy. Knew how to open a property. That is sorely needed in Singapore.
And how long before Rob Goldstein pulls up stakes at the Venetian and Palazzo now that the other two are history?
What's amazing is that Mr. Adelson keeps saying very positive things. Is it all spin? He keep saying everything is good. The press and the stock price would indicate otherwise.
Our friend from Switzerland is right on. Singapore will cost over 5 billion USD to build and the locals have to pay 100 Sing $ to get in (75 USD) every 24 hours. Lots of LUCK MR CHAIRMAN. How many more executives will leave?
nhung, how did you find out about the rules for locals paying 100 SGD to get into the casino? Any further news on that one? Is it to limit their visits by law perhaps? Will they get chips of equal value for that or just nothing? If they don't get anything for that, then it's clear that Marina Bay Sands will go bust, as with tourists solely they probably can't make it under such conditions. I heard that the Singapore government is not very keen to see its population lose its money at the casino and go broke. Asians are gamblers by heart, so they know about the dangers. In a way, I like its idea to protect them. And then, how does Mr Adelson plan to generate so much revenues from his 5 Billion Dollar project? Singapore is not Vegas, the people don't fly there for gambling, so the biggest gamble is the Casino project itself, probably.
5 Billion USD contruction costs , paid on debt, means, 10-12 per cent interest on that, annualy, which is about 500-600 Million Dollars of interest, PER YEAR! And this comes close to rough 1.5 Million Dollars of interests, EVERY SINGLE DAY. What a mission! Mission impossible, if you ask me. And then we must also add taxes, operational costs, fees, payrol, etc, utilities, water, etc etc. I think the break even point will be at approx. 2 Million Dollars of daily revenues. If that's not a lot, I don't know how much is MUCH for Mr Adelson. The project looks nice, but it will probably look nicer for the next owners after LVS will be forced to sell after bankruptcy. Under the current economical conditions this entire mission seems to me like MISSION IMPOSSIBLE , PART V.
FROM Switzerland
I live in Singapore
nhung, thanks very much for that input. Did not know about. On the other hand, you will understand that in the end, this will be to your goods. Paying 100SGD just to get in, that's too much money. They must give you something in return, and if not, then it's a clear barrier set by the governemtn in order to keep you from gambling. Which...in the end, is good for you. A tourist, visiting Vegas for 2 nights, may blow off 500 or 1000 usd and fly further on without major diffulties. It may be a lot of money to him, as well, but he only lost 1 night and 1000 in that session. A Singapore citizen who is always tempted to go gambling may lose much much more than that over the course of the year. I don't think it's in the interest of Mr Adelson to make the Singaporeans poor. That wouldn't be a good idea. He's obviously spekulating on thousands of tourists visiting the casino every day. Which may be a good bet for the future. Right now I am a bit concerned that there is simply not enough wagering money around to fill up all these greedy cash registers.
I will visit this casino when it's open. But I will definetely not pay 100 SGD to get in. I'd rather spend that money in a massage parlor :)
Greetings from Switzerland
Paying to get into a casino? No wonder LVS is is tubing.
Chapter 11 in say 12 months? Maybe sooner?
I think it's a plan by the government to keep the poor Singaporeans from dreaming of the big jackpot. Singapore has a very strict political system, so they're trying to protect the people this way. And I think it's making sense. Although, this system would not work out in Vegas :)))))
Everyone in Singapore says me no pay money to go in I go Malaysia to Genting no want government to watch me gamble good massage for 100 here hehe
o nice, you mean good massage and "making good love" for cheap money in Malaysia? and good casino action, too, and cheap hotel rooms?
I wonder how come I always fly into Vegas where they became so greeeeedy over the years.....
From Switzerland