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TIFFANY AP

Sheldon Adelson, the 81-year-old billionaire chairman and founder of casino operator Las Vegas Sands, will take over as chief executive for its Macau subsidiary Sands China following the retirement of Edward Tracy.
News of the change, which takes effect from March 6, came in a filing to the stock exchange a week after Tracy announced his retirement.
Robert Goldstein, president and chief operating officer of Las Vegas Sands, will be appointed interim president of Sands China with effect from the same date, the statement added.
The announcement came on the same day as rival firm Galaxy Entertainment Group made public plans to open its two new casino complexes, Galaxy Phase II and the entertainment-themed Broadway at Galaxy resort on May 27, earlier than market expectations.
The move will double the size of Galaxy's operations to 1.1 million square metres and increase its workforce by 50 per cent.
The HK$43 billion investment is the first of a slew of casinos to open in Cotai after a two-year hiatus.
The Galaxy expansion will be home to the Ritz-Carlton's first all-suite hotel, Asia's largest JW Marriott hotel, and another 320 rooms in the Broadway Hotel.
"In 2015 alone, we'll hire over 8,000 new employees which will join 16,000 existing employees," group chairman Lui Che-woo said.
The emphasis on entertainment, dining and meetings, incentives, conferencing and exhibition facilities, appeared to reflect the urgings of both Beijing and the local government that Macau's gambling kingpins diversify their operations and dilute the focus on gaming.
Casinos, outlawed on the mainland, have been a major draw for tourists to the former Portuguese enclave which was returned to China in 1999.
The gambling hub has also attracted illicit activity alongside the legitimate gaming operations. Cleaning it up has become the focus of an intensifying anti-corruption crackdown across the country, launched by President Xi Jinping.
The anti-graft campaign and a slowing mainland economy pushed Macau, the world's largest gambling hub, to register its first full-year gross gaming revenue decline since the government started collecting data in 2002.
The world's leading gambling companies saw more than US$100 billion wiped off their stock market valuations last year, according to research by Global Betting and Gaming Consultants. The top 10 companies in the GBGC 50 index are dominated by Macau gaming stocks including Galaxy Entertainment, Sands China, and SJM Holdings.
The naming of the new Galaxy hotel as the Broadway takes its inspiration from New York City's musical and stage hub of the same name.
Besides a 3,000 seat movie theatre and myriad shopping and dining concepts, such as 8 ½ Otto e Mezzo Bombana from 3 Michelin star chef Umberto Bombana, Fook Lam Moon, and Lai Heen, the new Galaxy facilities will include the world's longest sky top aquatic adventure river ride and a wave pool.
Vice-chairman Francis Lui Yiu-tung said the group would know how many casino tables it would be licensed to operate in about four months, adding that the company had been working closely with the government.
"Even though we haven't had the most casino tables, our return and operations in all aspects were quite satisfactory," he said. "Following this direction, we should be able to continue to satisfy with number of tables and have an ideal return."
Francis Lui admitted that the tourist base was not there to fuel the demand for such entertainment arenas and venues, but said that would change.
"My short answer is not right now, but with the bridge connecting Hong Kong, Macau and Zhuhai, and when the convention business starts to see a lot of growth and this is supported by the central and local government … you'll see not one, but up to four or five new mega projects. I think by that time, Macau will be a world-class hub. If you look at Vegas, it has multiple arenas."
Galaxy management said it was not delaying Phases III and IV of the project despite a slowdown in the market. Lui Che-woo said the group would have invested more than HK$100 million after these phases are complete.
Sands China's Parisian resort is expected to be the second casino to open this year, in late 2015.
Meanwhile, Sands China announced an interim dividend of 99 HK cents per share, a 13.8 per cent increase over last year.


Galaxy Entertainment appoints founder Lui Che-woo’s eldest son as chairman

Lui Che-woo, Hong Kong property and casino magnate of K. Wah and Galaxy, dies at age 95

Property developer K Wah’s profit falls by more than half as Hong Kong’s higher interest rates sour market

Macau casino operator Galaxy Entertainment’s revenue jumps 72 per cent as tourists return, to create 900 jobs for locals

Lui Che-Woo

Adelson to take helm at Sands China, Galaxy unveils new Macau casino complexes

Galaxy chairman Lui Che-woo yesterday revealed new details of the HK$43 billion investment in two new Macau casinos. Photo: K. Y. Cheng

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

Edward Tracy has been the chief executive of Sands China since July 2011 and its president since August 2010. Photo: Gary Mak

Galaxy Macau fire sees 6,000 workers evacuated from extension construction site

Smoke poured from the roof of the unfinished 36-storey Galaxy Macau building. Photo: SCMP Pictures

Nearly 40 firefighters were sent to tackle the blaze at the Galaxy Macau. Photo: SCMP Pictures

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News of Adelson's role came on the same day that rival firm Galaxy Entertainment Group made public plans to open its two new casino complexes earlier than scheduled
