Sheldon Adelson, CEO of Las Vegas Sands, will also lead his company’s subsidiary in Macau, Asia’s gambling mecca near Hong Kong, AP said.
Sands China Ltd. announced Friday that the 81-year-old billionaire is to become chairman and executive director, effective March 6, the report said.
Las Vegas Sands owns the Venetian and Palazzo on the Las Vegas Strip, as well as properties in Macau and Singapore, AP said.
Government statistics show Macau gambling revenue has been sliding after years of meteoric increases. That is largely due to a slowing economy in China. China posted its weakest economic growth in nearly a quarter century on Tuesday, according to AP.
Recent reports said Adelson has suffered heavy losses from the 2014 slowdown in Macau
Sands China’s current president and CEO since 2011, Edward Tracy, is retiring. Las Vegas Sands President Robert Goldstein has been appointed interim president, the report said.
Meanwhile, as the 113th Congress came to a close in December, a proposal to ban most online gambling seemed to have a chance of being passed, a report said.
The Restoration of America’s Wire Act was introduced in both chambers of Congress, and gaming analysts unofficially tied it to Republican mega-donor Adelson, who is an avid opponent of expanding gaming’s online reach, the Las Vegas Sun said.