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Sands CEO in Singapore resigns

The chief executive officer of the $5.5 billion resort in Singapore developed by Las Vegas Sands Corp., has resigned effective today.
 
Marina Bay Sands CEO Tom Arasi has overseen the hotel-casino for 18 months, from the end of construction through the resort’s opening last April.
 
"At this point, I have decided to pause, take a breather and spend more time with my daughter and other family," Arasi said in a memo to employees that was obtained by Dow Jones News Service.
 
Las Vegas Sands did not comment on the resignation, but the matter is expected to be addressed Thursday when the company reports its fourth quarter earnings.
 
“We find this announcement surprising given our understanding that he was viewed favorably by senior corporate management,” JP Morgan gaming analyst Joe Greff told investors.
 
This is the Las Vegas Sands’ second high-profile management departure in the last six months, following July’s firing of Sands China CEO Steve Jacobs. Jacobs filed a wrongful termination lawsuit against the company in Clark County District Court.
 
Greff didn’t think the resignation by Arasi had anything to do with “internal strife" within the company.
 
He said the promotion last month of Rob Goldstein to president of the Las Vegas Sands’ global gaming operations would be helpful for the company’s business in Asia.
 
“Part of Mr. Goldstein’s new role is to build out its management bench in Asia, Singapore in particular, and (he) has been recently active in this regard,” Greff said.

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