NEW YORK (
Las Vegas Sands
announced on Friday that the CEO of its Macau division is stepping down.
The casino operator said Steve Jacobs' employment with the company was terminated as of today, but did not provide a reason. Jacob will also resign as director.
Chief Operating Officer Michael Leven has been appointed acting chief executive officer as Sands Macau searches for a new leader.
Jacobs' departure shouldn't come as a surprise to investors, as speculation has arisen over disagreements between Sands Chairman Sheldon Adelson and Jacobs.
This follows the departure of executive director Stephen Weaver earlier in the year, who resigned due to personal reasons.
We think the stock will likely pull back on perceived continued management strife and the fact that most investors believe that Steve was doing a solid job in managing costs, growing mass
market and direct VIP share, and working on redevelopment of sites 5 and 6," J.P. Morgan analyst Joseph Greff wrote in a note.
Already shares of Las Vegas Sands are slipping 1.5% to $24.70 before the bell.
Las Vegas Sands is scheduled to report its second-quarter earnings on July 28.
-- Reported by Jeanine Poggi in New York.
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