Inside Asian Gaming

INSIDE ASIAN GAMING | September 2011 36 Asian Gaming 50 – 2011 20 (-) Edward M. Tracy CEO Sands China Being the CEO of Sands China must be one of the best but also the most challenging jobs in the global casino industry. Ed Tracy will currently know how that feels after being promoted to the role in July from his previous post as President of Sands China. The Sands China CEO job is one of the best in world gaming because it’s a once-in-a-career opportunity to have operational control of one of the biggest and most expensive collections of gaming and entertainment infrastructure that the world has ever seen. And all that in the biggest casino market by gross gaming revenue ever recorded. It must also be challenging, however, because you have a tightrope walk to balance the development and preservation of good relations with the Macau government, with the protection of your bosses’ and shareholders’ interests. LVS’s relationship with Macau officials has been fraught at times over the past three years, but appears to be better lately. And while Mr Tracy is working assiduously to keep things that way, he also potentially has the scrutiny of the United States’ federal authorities back home to think about. But then these kinds of jobs are never meant to be career- long. They are precisely designed to be high octane, rollercoaster rides for focused high-achievers. Therein lies the risk but also the reward. In the case of Las Vegas Sands Corp—the parent company responsible for remuneration policy—that usually includes stock options as well as a handsome salary with the role and for a select group of other executives below group board level. There’s a story—possibly apocryphal—that another senior member of the Sands China management was asked recently why he was still living in a hotel and hadn’t moved into a house or apartment in Macau. The story goes that the executive smiled and replied he didn’t think it was worth the time and effort. The implication seemed to be that the executive’s shelf life might be shorter than any accommodation contract. Certainly if two recent examples are anything to judge by, Mr Tracy will be able to consider himself well-satisfied if he makes it to his second anniversary in the role. His predecessor-but-one, Steve Jacobs, was fired for what the company described as “cause” after just under 15 months. That was despite guiding the Macau operation through the global financial crisis of 2008-09 and a highly successful flotation on the Hong Kong stock market. Mr Jacobs is currently attempting to sue Sands China via the Nevada courts for what he claims is wrongful