Billionaire Adelson names son-in-law as CFO of Las Vegas Sands

Sheldon Adelson, chairman and CEO of Las Vegas Sands.
Sheldon Adelson, chairman and CEO of Las Vegas Sands.PHOTO: ST FILE

LAS VEGAS (BLOOMBERG) - Las Vegas Sands named Patrick Dumont, son-in-law of top shareholder Sheldon Adelson, as its chief financial officer.

The appointment fills a vacancy left open since July 2013, when Kenneth Kay stepped down from the role. "Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time," Mr Adelson said in a statement Wednesday.

Mr Adelson has been predicting a turnaround this year in Sands' Macau business, its largest unit, after a sharp decline in betting by high rollers following a Chinese government crackdown on corruption.

The billionaire has also proposed building a US$1 billion (S$1.36 billion) stadium in Las Vegas that could house a professional football team, saying it would bring more visitors to the city. Sands shares are up 20 per cent in 2016.

Mr Dumont will get paid US$1.2 million in base salary and is eligible for a bonus of as much of 100 percent of his annual pay. He was also granted options for 650,000 shares.

Mr Kay became CFO of MGM Holdings last year.