Head of Singapore project second exec to resign in March
Las Vegas Sands Executive Vice President Brad Stone, who was overseeing construction of the company’s USD 5 billion Singapore resort, has resigned.
Stone is the second top executive to leave the casino operator this month.
Stone, who also held the title of president of global operations and construction, told the company’s board of directors on March 18 he was leaving.
Las Vegas Sands President Bill Weidner resigned earlier this month under pressure and was replaced by Michael Leven, a longtime hospitality executive and a member of the board.
Weidner and Stone worked together for the Pratt Hotel Corp. in Atlantic City before joining Las Vegas Sands in 1995. A third member of the management team, Rob Goldstein, who oversees operations of The Venetian and Palazzo hotel-casinos, remains with the company.
The effective date and the terms and conditions of Stone’s resignation have not been determined.
The company announced the resignation in a filing with the Securities and Exchange Commission on Tuesday.
Stone’s resignation leaves Las Vegas Sands without its head of construction as it gets ready to open the USD 700 million Sands Bethlehem project in Bethlehem, Pa., in May. He was also in charge of construction for the Marina Bay Sands in Singapore, which could open by the end of the year.
Stone’s role diminished somewhat last year when Las Vegas Sands halted construction of four resorts on the Cotai Strip region of Macau and a USD 600 million high-rise condominium tower on the Strip.
In addition to Weidner and Stone, board member James Purcell resigned this month after he said he disagreed with a decision by the board to fire Weidner and replace him with Leven.
In the same SEC filing, Las Vegas Sands said it was in discussions with lenders to repurchase USD 800 million of the company’s USD 10.5 billion in debt.
Las Vegas Sands Chairman Sheldon Adelson told The Associated Press on Tuesday the company considers the option another tool to solve potential covenant breaches. However, Adelson said the move wasn’t necessary at this time.
Reports of the debt repurchase helped push Las Vegas Sands shares up 42 cents, or 15.85 percent, to close at USD 3.07 on the New York Stock Exchange.