Sands China president Edward Tracy set to retire amid turbulent times for Macau

Macau’s biggest casino operator Sands China has announced that its president and chief executive Edward Tracy will retire on March 6.

Sands said in a statement to the Hong Kong stock exchange that Tracy had decided to step down but will act as a consultant and work with senior management during the transition period.

“Mr Tracy has confirmed that he has no disagreement with the board, and there are no matters that need to be brought to the attention of the shareholders of the company in respect of his retirement,” the statement read.

The announcement comes amid turbulent times for Macau as gross gaming revenues in the gambling enclave registered a first full year decline since the local government started collecting data in 2002 – hurt by factors including a decelerating mainland economy and President Xi Jinping’s anti-corruption campaign.

No replacement candidate was named. The Sands China board nominating committee will meet next Friday to consider candidates for a new chief executive, the company said.

Tracy has been the chief executive of Sands China, the Macau subsidiary of Las Vegas Sands, since July 2011 and its president since August 2010. Before that he was the chief executive of the Trump Organization in Atlantic City, which runs gaming, hotel and entertainment venues.