FOX Business’ Neil Cavuto and former Trump senior economic adviser Steve Moore recall Sheldon Adelson, who passed away Tuesday.
Las Vegas Sands Corp. reported a 67% decline in fourth-quarter revenue in the first report since the death of billionaire founder Sheldon Adelson.
The casino operator generated revenue of $ 1.15 billion for the December quarter, up from $ 3.51 billion a year ago. FactSet analysts expect $ 1.27 billion.
SHELDON ADELSON, BILLIONAIRE TRUMP BACKER AND LAS VEGAS SANDS FOUND DEATH
While Nevada allowed casinos across the state, including on the Las Vegas Strip, to reopen in the summer after an unprecedented strike in March last year, the state’s main industry deviated from restrictions on occupancy levels and lower spending and gambling. international tourists due to limited travel.
The pandemic has prompted casinos to re-examine their long-term operating costs. The owners of the Venetian and Palazzo casinos reduced the cost from 47% a year ago to $ 1.36 billion.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| LVS | LAS VEGAS SANDS CORP | 49.04 | -3.38 | -6.45% |
The company’s board on Tuesday named its former chief operating officer, Rob Goldstein, as chief executive officer and chairman, and Patrick Dumont, the son-in-law of Mr. Adelson, appointed chief operating officer and president and a succession plan for the gambling empire without its longtime leader.
Until now, Mr. Adelson is the only CEO of the company he started in 1989. Mr. Adelson died on Jan. 11 at the age of 87 from complications of treatment for non-Hodgkin’s lymphoma.
The Adelson family owns a majority stake in the company, with nearly 57%.
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Las Vegas Sands posted a loss of $ 299 million, or 39 cents per share, at a profit of $ 629 million, or 82 cents per share, a year ago. On an adjusted basis, the company posted a loss of 37 cents per share. Analysts predict an average loss of 32 cents per share.