Casino tycoon Sheldon Adelson steps away for cancer treatment

Casino tycoon Sheldon Adelson steps away for cancer treatment

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Posted by: AffPapa
Sheldon Adelson

Casino magnate and Republican Party megadonor Sheldon Adelson has announced his medical leave from his Las Vegas Sands Corp. in order to receive cancer treatment. He will be leaving his company in the middle of economic uncertainty in the global gambling industry due to the COVID-19 pandemic.

Sheldon The billionaire is now taking medical leave to recommence his cancer treatment.

Furthermore, Adelson’s family is majority owner of the company, and has claimed his succession plan is for the current executive team, which includes 25-year Sands veteran Robert Goldstein and Adelson’s own son-in-law Patrick Dumont, to lead the company, according to a source familiar with the conversations.

Mr. Goldstein, who most recently assumed the role of chief operating officer and president, was named by Sands’ board of directors as acting chief executive and chairman during Mr. Adelson’s medical leave, the company said Thursday. Mr. Dumont joined the company in 2010 and is currently the chief financial officer and executive vice president.

Moreover, he is also a friend of President Donald Trump, who likewise owns a resort in the city. In 2018, Trump gave Adelson’s wife, Miriam, a Presidential Medal of Freedom award for setting up research centers dedicated to fighting substance abuse.

Adelson’s family also occasionally donates money to Donald Trump and other Republican politicians. The couple recently splurged $75 million into a super PAC launched in late August to aid Trump’s re-election campaign. They also financially supported the president’s initial run in 2016.