More Bad News for Las Vegas Sands

More Bad News for Las Vegas Sands

It has a ton of money, but Las Vegas Sands can’t seem to buy much good news these days.  Today the headlines are about another high-level personnel shake-up in their Macau, China operation.  Last week’s national news story was about how the company paid approximately $47 million in an agreement with the U.S. Department of Justice, avoiding prosecution and concluding a money-laundering investigation involving an accused drug kingpin suspected of parking large sums of cash in high-roller accounts at the Sands.

The Sands continues to be under investigation by the feds under the Foreign Corrupt Practices Act related to its operations in Macau, China.  Earlier this year the Sands said it “likely” violated certain provisions of the Act, according Wall Street Journal accounts of a Securities and Exchange Commission filing by the Sands. That’s what makes the latest in a string of Sands resignations particularly interesting.

All this while a Sands lobbyist in Florida told reporters that our state should be more like Las Vegas, Atlantic City and Macau, China, where “they all do it right.”  But if headlines the company keeps making there are any indication, legislators should run – not walk – from what the Las Vegas Sands is recommending for Florida.

Here’s the link to the Wall Street Journal’s Kate O’Keefe report which was in print Tuesday, “Sands China Executive David Sisk Resigns Amid Shake-Up”

O’Keefe wrote:

The No. 2 executive at Las Vegas Sands Corp.’s LVS Macau unit has left the company, the latest in a string of recent senior-level departures at the casino operator. …

“David Sisk has resigned and is no longer with the company,” a representative for Sands China Ltd. told The Wall Street Journal. …

Sands has had a string of recent senior-level departures. Above, the Sheraton Macao Hotel at the Sands Cotai Central in Macau. …

Mr. Sisk, formerly Sands China’s chief operating officer, was asked to resign, said people familiar with the matter. He left his residence on company property Monday, said one of the people. …

The terms of his departure, and whether Sands would replace him, were unknown. Before joining Sands, Mr. Sisk was chief financial officer of Wynn Resorts Ltd.’s WYNN Las Vegas properties and had also worked at Caesars Entertainment Corp. CZR. …

Mr. Sisk and Sands China’s current chief executive, Ed Tracy, both joined the casino operator in senior roles in August 2010 after Sands had fired its previous chief executive, Steve Jacobs, several weeks earlier. …

Mr. Sisk’s departure follows the resignation Friday of Hugh Fraser, who served as vice president of casino operations across Sands China’s four Macau properties, according to people familiar with the matter. Mr. Fraser is moving to Australia to become the general manager of gambling operations at The Star in Sydney, owned by casino operator Echo Entertainment Group Ltd., EGP.AU, one of them said. …

In June, Andrew Billany, formerly senior vice president of Sands China’s high-end Plaza Casino and Paiza operations, left the company to become Senior Vice President of Operations for local rival SJM Holdings Ltd.’s 0880.HK new Macau casino-resort. …

The chief financial officer of parent company Las Vegas Sands, Ken Kay, stepped down July 31. The company didn’t give a reason for his departure. Sands said Mr. Kay would continue to consult for the company for six months. …

Contact:  John Sowinski
Phone:  407-608-5930
Email:  info@nocasinos.org