Las Vegas Sands Corp. announced today that it has appointed Patrick Dumont, son-in-law of CEO Sheldon Adelson, as the company’s chief financial officer.
Dumont, 41, has held various leadership roles since joining the casino company about six years ago. He served first as vice president of corporate strategy and has been senior vice president of finance and strategy since 2013, according to the company.
Adelson said in a company statement that the appointment formalized a role Dumont was already performing.
“Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time,” Adelson said. “We are extremely pleased to formally appoint him to this role, and we look forward to his contributions in the years ahead.”
Dumont brought a background in investment banking to Las Vegas Sands, having worked previously at Miller Buckfire and Bear Stearns. He earned a bachelor’s degree in mechanical engineering from Johns Hopkins University and a master of business administration from Columbia Business School.
His annual base salary is $1.2 million, according to a Las Vegas Sands filing with the Securities and Exchange Commission. He can earn up to 100 percent of his base salary in bonus pay and was granted options to purchase 650,000 shares of the company’s common stock, the filing said.
Dumont said in the company statement that he was excited about his role and “honored to lead a strong and dedicated team of finance and accounting professionals.”
“Working closely with our leadership team, my primary focus will be on helping maintain the industry’s strongest balance sheet, preserving the financial flexibility needed to pursue new development opportunities, continuing our strong commitment to return excess capital to our shareholders and fulfilling our commitment to leading the industry in financial controls,” he said.
Las Vegas Sands operates the Venetian, Palazzo and Sands Expo and Convention Center on the Strip, as well as properties in Pennsylvania, Singapore and Macau.