Sands China

Aug 16, 2010 5:39 PM

A "culturally sensitive" replacement for fired Steve Jacobs is being sought as the new chief executive officer of Sands China, according to Michael Leven, the COO of Las Vegas Sands Corp. (LVS).

Leven was in Macau last week introducing Ed Tracy and David Sisk, the new president and executive vice president, respectively of Sands China. Both were hired, according to Leven, after a seven-month search process.

Their appointments came after Jacobs’ departure.

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"I sent him (Jacobs) several resumes for both positions," Leven was quoted as saying, "but either he didn’t feel like those people were adequate for the job or he simply didn’t want to fill up those positions, even though he agreed it was necessary. It was symptomatic of a certain style of management that created difficulties."

Leven also criticized Jacobs for being a "very hands-on (manager) and did not have Asian experience."

That won’t be true of his successor, Leven said.

One of the requirements of the company’s new CEO, he explained, will be someone who has worked in Asia and is "culturally sensitive." He also revealed that the company has also started discussions with a former Macau lawmaker, Leonel Alves.

The CEO search came as a gaming analyst, David Katz of Jefferies & Co. Inc., wrote in a clients’ note that better than expected results reported by Genting Resorts World Singapore boded well for Sands China’s Singapore operation.

He said that Genting’s second quarter performance, including higher margins, implies upside to estimates for Las Vegas Sands because performance should continue to increase.

It was noted that fast-growing Singapore is becoming a popular vacation and casino destination as markets in Asia including China develop more.

On another note, Las Vegas Sands Corp. said it had settled a dispute over payment for services by a group that had held its annual conference at the Singapore resort.