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Posted At : March 10, 2009 11:15 AM | Posted By : D McKee
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Sheldon Adelson,Wall Street
"The guy who put the whole thing together is now going to work with somebody else." -- Sheldon Adelson, referring to himself in the third person.
What better way for William Weidner to get back at ex-boss Adelson than to chat up John L. Smith, upon whom Adelson had been inflicting considerable misery of late?
How President-in-waiting Michael Leven will fare in Weidner's wake is an intriguing question. Leven is used to being his own boss and now he'll be having to answer to Adelson. And, as Smith points out, his hands-on casino experience is zip. At least five years on the Las Vegas Sands board should give him some considerable idea of what to expect -- and how big the challenges are that face him.
Proving himself an ingracious winner, Adelson heaped praise upon himself at an appearance in New York. He also gloated vis-a-vis Weidner, "We helped him resign a little bit." Except for Mrs. Adelson, "Nobody's indispensable." Whatta guy.
Stock analysts meanwhile questioned the survival prospects for LVS' international prexy, Brad Stone, and those of senior veep Rob Goldstein. With the free-spending Adelson firmly entrenched and the possibility of a Sands brain-drain in the offing, the company's survival prospects have taken a turn for the bleaker.
But the change was inevitable. It's difficult to conceive of a company in which the CEO and his executive team are openly at war with each other being able to function. That mediation committee of board members never looked like anything more than a Band-Aid or, as analyst Robert LaFleur puts it with masterful understatement, "Apparently that didn't work out so well."
We may indeed be seeing "a junkyard dog fight," as Weidner once put it. But does anybody have a dog in this particular fight?
(The Las Vegas Review-Journal has a Weidner-themed slide show, but it's more interesting for the Benjamin Button-like metamorphosis of Adelson himself, whose hair grows darker and more abundant the older he gets.)
Update: The incoming Leven gets a sideswipe from Howard Stutz, who describes him as "a veteran hospitality executive who most recently ran the Georgia Aquarium in Atlanta." (Quoth Stewie Griffin, "Oh, ba-ZING!")
Even if Leven is, as Adelson says, "probably one of the most well-known and well-liked operations guys in the entire industry," his age (71) does not portend a Weidner-like tenure in the position. Does Adelson have a Plan C?
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buddy Steve Wynn?
I'm also praying for Fasolt's safe return. One of our
three cats is a Maine Coon and he is the most
adorable friendly cat.