Las Vegas Sands CEO and Chairman Rob Goldstein said his goodbyes Wednesday to Wall Street analysts, as he appeared in those roles for the last time during a fourth-quarter earnings call.
Goldstein, who joined Sands founder Sheldon Adelson in 1995, is transitioning to the role of senior advisor on March 1. The company’s board of directors intends to name Patrick Dumont, the company’s president and chief operating officer, as chairman and chief executive officer upon Goldstein’s transition to his new position.
In that capacity, which will last two years, Goldstein will assist management with its government-relations activities, opportunities to pursue new physical development, and the company’s gaming strategies.
At the end of the conference call, Dumont thanked Goldstein on behalf of the organization for his 30 years of “extraordinary contributions” and leadership. He said Goldstein served in many important roles and has been a strong advocate for the gaming industry.
“There are not many individuals who have given more to this industry than he has,” Dumont said. “Rob has hired, led, and mentored numerous people over the years – many of these people serve in leadership roles in the industry or elsewhere because Rob Goldstein took the time to invest in them and their careers.”
Dumont went on to thank Goldstein for his steadfast commitment to the Adelson family. “Rob and Sheldon had a wonderful friendship and achieved so much together. On behalf of Dr. (Miriam) Adelson and the family, thank you, Rob, for everything you’ve given this company. Your contributions to this company and industry are too many to list, but they will always be recognized and appreciated.”
Dumont said they look forward to working with Goldstein in his new role.
“I promise better margins in Macau,” Goldstein said to close the call with laughter from the executive team.
Goldstein joined the company prior to the opening of the Venetian Las Vegas and was involved in its development, ultimately becoming president when it opened in 1999. While the Venetian was being constructed, Goldstein had numerous areas of responsibility, including building the property’s gaming business and its operations. He was also responsible for developing the Grand Canal Shoppes, the property’s large mall. He attracted new retail brands to the market, along with important lifestyle brands, such as Canyon Ranch Spa. His efforts also brought dining concepts and an impressive roster of celebrity chef restaurants, a model that was still relatively new at the time, the company said.
During his time as president and chief operating officer of the Venetian and Palazzo from 1999 to 2010, Goldstein was responsible for many important property milestones. At the time of its construction, many industry observers predicted the all-suite 3,000-room hotel, which was built to cater to business travelers and convention attendees during the week and leisure visitors on the weekends, would be less than successful.
“In the beginning, we were counted out more times than I can count,” Goldstein said previously. “All these years later, it’s clear the opening of the Venetian was a turning point in the history of the Las Vegas Strip.”
In 2004, Goldstein led the company’s efforts to sell its retail offerings in The Venetian and the not-yet-opened Palazzo for $1.5 billion. Industry analysts at the time lauded the sale as a “landmark deal” for the value of Las Vegas Strip realty. Later that year, he was present as Sands was traded publicly for the first time on the New York Stock Exchange.
Another important moment for entertainment in Las Vegas, and the impact Goldstein had on it, came in September 2005, when the 40,000 square-foot TAO Nightclub opened at The Venetian, the company said.
While the company was expanding its presence in Macau and Las Vegas, Goldstein was also guiding the development of Sands Bethlehem in eastern Pennsylvania; it opened in 2009. Sands sold the property in 2019 for $1.3 billion.
In late 2014, after serving as president of global gaming operations, Goldstein was named the company’s president and chief operating officer and continued to work closely with Adelson and the leadership teams in Las Vegas, Macau and Singapore. When Adelson died in January of 2021, Goldstein became chairman and chief executive officer.
“As one of the first employees of the company, our family has great appreciation for Rob’s leadership and the many contributions he’s made over the years. He has left an indelible mark on the history of the company, and our family will always be thankful for it,” Miriam Adelson, co-founder and majority shareholder of Sands, said. “Sheldon deeply appreciated Rob’s friendship and counsel, and he would be very grateful for everything Rob has given over the past three decades.”
Goldstein helped assemble a group of local business and community leaders, including other gaming companies, to secure support for a stadium in Las Vegas. He also helped pursue the a partnership to develop MSG Sphere, located next to the Venetian and its convention center.
“This company transformed the industry from a gaming-centric model to the integrated-resort model and, through a different strategic approach in each market, meaningfully changed the tourism landscape in Las Vegas, Macau, and Singapore,” Goldstein said. “I’ve been fortunate to work with a great team of people over the years and I look forward to using the years ahead to help the team build toward another great chapter in this company’s history.”
