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Ed Tracy to leave Sands China


Las Vegas Sands disclosed Friday that Sands China CEO and president Edward Tracy will retire effective March 6. Tracy has served as CEO and president since July 2011 and previously held the role of president and chief operating officer from July 2010 to July 2011.

Tracy will serve as a consultant for Sands China starting on March 7.

The nomination committee of Sands China's board will meet on Jan. 23 to consider candidates and make recommendations on the appointment of a new CEO.

“This was unexpected,” Bloomberg cited D.S. Kim, a Hong Kong-based analyst at JPMorgan Chase & Co as saying. “We expect the transition to be smooth and do not expect this news to have any major impact on fundamentals, including the schedule for new projects.”

Tracy will be returning to the U.S. to focus on his family and health, LVS Chairman Sheldon Adelson said.

Tracy’s departure comes as Macau faces its most difficult times since the market was liberalized, with gross gambling revenue declining 2.6 percent in 2014 and most analysts predicting an even greater fall this year.

However, they do expect a recovery from the second half as new properties are opened.

Sands is scheduled to open its Paris-themed resort, the Parisian late this year.

 

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