Sands China chief removed from post

Sands China chief executive Steve Jacobs was removed from his position with immediate effect yesterday after 15 months in the job, the Macau casino developer said in a stock exchange announcement.

Jacobs, who implemented a major cost-cutting programme in Macau and oversaw the company's HK$19.4 billion Hong Kong share sale in November last year, is the second executive director to leave the firm in as many months following the departure last month of Stephen Weaver.

Jacobs was the fifth executive in seven years to head the Macau operations of Sands China's New York-listed parent company, Las Vegas Sands Corp. His departure comes halfway through construction of a 6,000-room Sheraton, Shangri-La and Traders casino-hotel complex with a total projected cost of US$4.42 billion.

Las Vegas Sands president and chief operating officer Michael Leven was named acting chief executive while a search for a permanent replacement is conducted.

Sheldon Adelson, chairman and majority shareholder of Las Vegas Sands and non-executive chairman of Sands China, said Jacobs' abrupt departure would have no material impact on the company's operations in Macau or its ability to complete the Sheraton/Shangri-La complex, according to the statement.

Jacobs took over Macau operations in May last year with a mandate to cut costs. Six months earlier, Las Vegas Sands was forced to suspend work on the Cotai complex after running out of funds and coming close to defaulting on US$10 billion in debt.