Las Vegas Sands CEO Sheldon Adelson Takes Medical Leave

Las Vegas Sands Chairman and CEO Sheldon Adelson is taking another medical leave of absence after resuming his cancer treatment.
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Las Vegas Sands  (LVS) - Get Report announced Thursday that Chairman and CEO Sheldon Adelson would be taking another medical leave of absence after resuming his cancer treatment.

Adelson, 87 years old, in March 2019 announced he was receiving treatment for non-Hodgkin's lymphoma. Adelson recently resumed his cancer treatment and will be taking a leave of absence as of Thursday, the company said in a statement.

Las Vegas Sands said its board named Robert Goldstein, current president and chief financial officer, as acting chairman and acting CEO of both Las Vegas Sands and well as Sands China Ltd. while Adelson is on medical leave.

Las Vegas Sands has continued to suffer through the unprecedented hit from the coronavirus pandemic that shuttered Las Vegas for nearly three months last March and also slammed its Macau operations. Even so, analysts have continued to bet on the casino operator, largely on the strength of its properties in Macau and Singapore.

Jefferies analyst David Katz in October reiterated his buy rating on the stock, while edging up his price target to $55 a share from $54, amid indications that the company “could be approaching break-even in Macau, coupled with the continued confidence [that] market access should progress in the coming months.”

J.P. Morgan analyst Joseph Greff raised his price target to $58 from $50, while keeping an overweight rating on similar expectations.

"While early, it genuinely feels like LVS’s properties in Macau - as well as Singapore - are on the cusp of more meaningful positive inflections, given positive trend changes in October versus prior periods," he said.

Shares of Las Vegas Sands shares were down 0.31% at $58.36 in trading on Thursday. The stock has fallen 17% over the past 12 months.