CLAIMS TO FAME
- Son-in-law of late company founder Sheldon Adelson
It is now three-and-a-half years since Patrick Dumont was promoted to President and COO of Las Vegas Sands following the passing of company founder and Dumont’s father-in-law Sheldon Adelson, and what a busy time it has been.
Alongside Chairman and CEO Robert Goldstein, the duo reshaped the company’s purpose by selling off its Las Vegas assets in a US$6.25 billion deal and focusing on Asia instead. That healthy cash balance has provided the powerful duo with plenty of flexibility, and in October of this year they announced the largest investment in LVS history: the upcoming US$8 billion expansion of its Singapore IR Marina Bay Sands.
Dubbed Marina Bay Sands IR2, the development will see a fourth tower built comprising a main casino area in the podium plus “sky gaming” in the new tower, 570 luxury suites, a 15,000-seat arena, 110,000 square feet of MICE space, its own SkyPark and high-end F&B. It’s a lot of cash, but when you’re talking the most profitable casino in the world it’s hard to argue.
LVS also upped its stake in Macau subsidiary Sands China to the tune of US$103 million, highlighting its confidence in its dominant local market position. Phase 2 of its Londoner Macao revamp, including a reimagining of the 4,000-room Sheraton Grand hotel and Pacifica casino, is due for completion in early 2025, at which point the company will no doubt be counting money again.
For the full list of 2024 Asian Gaming Power 50 winners, click here.
