The departure of Las Vegas Sands Corp. president of global operations Bradley Stone was predicted here and elsewhere. It’s no secret Stone was close to the recently departed company president William Weidner and wasn’t exactly pals with big boss Sheldon Adelson.
What’s less certain is whether Adelson, inching ever closer to the edge as his stock plummets, really plans to spend $800 million cash to buy back some of the company’s mounting debt. Although Adelson said it’s only a possibility, business headlines made it sound more like a certainty.
Actually, Adelson didn’t confirm that he will do that.
The tease worked temporarily. Sands stock finished above $3.
But the world of LVS is more complicated than its shaky balance sheet. Fact is, it has real problems in Macau, and I am guessing they
are problems that won’t be solved by a man of Adelson’s temperament.
The company is already missing Weidner and Stone, said a couple of articulate operators who understood the meaning of nuanced conversation.
I am beginning to wonder whether Chinese officials will be offended by the manner in which Stone and Weidner departed the company, which is, in effect, in a partnership with that government. Its survival depends in part on how the Chinese government perceives the relationship.
Meanwhile, there’s already buzz that Weidner is preparing to litigate over his departure from LVS.