The Macau downturn may have claimed another victim. Ed Tracy, the president of Sands China, last week informed the board he would retire effective March 6. Tracy joined Sands China in July 2010 along with COO David Fisk, who departed two years later with no replacement made. Tracy was in complete charge of all Sands China properties since that time.
While no mention was made of the declining gaming revenues in Macau in connection to Tracy’s departure, Sands China has not been as hard hit as other Macau casino companies because it has always been less reliant on the VIP market than other casinos. The Venetian and its attendant properties were all built with the mass market in mind.
The Wall Street Journal reported that Tracy sent a letter to the Macau staff citing family reasons and health for his retirement. With the opening of the Parisian a year away, Tracy said the time was right. “With the best management team in Macao already in place and several other important objectives already achieved, this seemed like the right point in time to announce my retirement,” the letter said.
Sheldon Adelson praised Tracy’s work with Sands China and thanked him, at the same time reiterating his dedication to Macau. “We remain deeply committed to the future of Macao and the more than 28,000 team members there who are a part of the Sands family,” Adelson said in a statement.
Tracy led the Trump organization in the late 1980s and was president of Capital Gaming, a riverboat gaming company, in the early 1990s.
Tracy is just the latest high-profile LV Sands executive to leave or announced his retirement. President and COO Michael Leven stepped down at the end of 2014, replaced by longtime Sands exec Rob Goldstein.
