Posted March 08, 2018 12:07:23A new generation of CEO at MGM’s Las Vegas Sands is bringing a new energy to the company, as the casino operator looks to bolster its portfolio of businesses.MGM Resorts Chairman and CEO Sheldon Adelson, known for his long-standing support of the Las Vegas Strip, is among those named as the new CEO, and MGM’s board of directors has approved his appointment.
“I’m honored to be joining MGM’s Board of Directors,” Adelson said in a statement.
“I look forward to working with MGM’s new leadership team to drive our business forward in a way that makes the company stronger and more competitive in the future.”
Adelson, whose net worth is estimated at $2.5 billion, said his goal is to create a “great place to live” in the Las Venetias, including casinos, hotels and theme parks.
He said his vision for MGM is to have a place for everybody, not just for a few.
“I want to make MGM a place where everyone can be themselves,” Adelsons statement said.
“Our commitment to creating a great place to work and live is shared by the entire MGM family.
I look forward for MGM to be a strong and sustainable company that creates long-term, sustainable growth.”
Adelsons first major public foray into the casino business came in 2010 when he and his wife, Miriam, purchased the Las Mirage resort and casino from their father, Sheldon Adelson.
Adelson, who was born in Hungary and moved to the United States when he was 6, is best known for owning the Las Peñas and Palms Resort and Casino in Las Vegas.
He also owns the Las Palms and Casino resort, the Mandalay Bay resort and hotel, and the MGM Grand in Las Mesas, Nevada.
The Adelsontons are also known for their long-running sponsorship deals with the NHL’s Las Palos, and for a successful partnership with the Las Veradores, which includes the Las Cañasas resort.
The Las Vegas casino industry is booming, with annual revenues estimated to be $5.2 billion, according to data from the Las Angeles County Registrar of Deeds.
The casino operator has been a long-time supporter of the NBA’s Las Colinas, and has spent millions on the Las Ramblas, Las Vegas-style roller coaster that was inaugurated in 2007.