Las Vegas Sands CEO Sheldon Adelson Battling Cancer
When news broke that the 85 year old chairman of the Las Vegas Sands Corp was battling cancer, it immediately caused the press to jump in and publish different reports concerning his health and future as the Chairman of the biggest casino empire in the world.
Adelson who is still very active in running his casino empire missed the company’s fourth quarter earnings call in January.
President Rob Goldstein put down his absence to Adelson being under the weather but a court case at the Clark County District Court saw the legal firm that represents Sands Corp testify that Sheldon Adelson was in dire health.
The difference in statements concerning Adelson’s health was concerning to his shareholders as well as his massive casino empire. Sands Corp quickly clarified things by issuing a statement saying that Adelson was being treated for non-Hodgkin’s lymphoma and was currently dealing with the side-effects from the medication.
The statement went on to clarify that while the illness has limited Adelson from being able to work normal office hours or travel like before, he was still very much capable of meeting his responsibilities of being the CEO and Chairman of the Las Vegas Sands Corp.
Adelson Unable To Appear In Court
Sands Corp has done a good job in keeping things under wrap concerning Adelson’s health but the company’s attorneys were forced to divulge these details in court in order to get an exemption from Adelson having to appear in court concerning a case filed by Richard Suen.
Suen is a businessman in Hong Kong who alleges that he played a key role in helping Sands secure a gaming license in Macau. He claims that Sands Corp owes him millions of dollars for his assistance and has not paid him the amount owed. His defense team has argued that if Adelson’s health is indeed so critical, then it is necessary for the company to inform the US Securities and Exchange Commission.
Adelson founded Sands Corp back in 1988 and he continues to play a major role in guidance and running of the company. He holds a 56 percent stake in the company and gaming analysts predict that should he be relieved of his duties, it could significantly hurt the company’s share prices.