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Las Vegas Sands Corporation
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| Las Vegas Sands Corporation | |
 | |
| Basic facts | |
| Location: | Las Vegas, Nev. |
| Top official: | Sheldon Adelson, Chairman and CEO |
| Year founded: | 2004 |
| Website: | Official website |
The Las Vegas Sands Corporation, a Las Vegas-based global hospitality company, was founded by Republican political donor Sheldon Adelson. The company was formed to develop and operate themed resorts that aim to integrate the hospitality, gaming, and convention industries.[1]
Background
The Las Vegas Sands Corporation grew out of Sheldon Adelson's efforts to unite the hospitality, gaming, and convention industries in the early 1990s. Adelson purchased the Sands Hotel in Las Vegas, Nevada, in 1989 and opened the Sands Expo and Convention Center across the street in 1990. He sold his computer trade show business, COMDEX, in 1995 and used the profits to demolish the Sands Hotel and construct The Venetian Las Vegas, a themed resort that catered to the gaming and convention industries, in 1999.[1]
Following the success of The Venitian, Adelson founded the Las Vegas Sands Corporation in 2004. As of September 2016, the company had grown to include additional resorts in the United States, Singapore, and Macao.[1][3]
Political activity
Ballot measure activity
The Las Vegas Sands Corporation supported the 2016 Nevada Legislature to Minimize Regulations on the Energy Market and Eliminate Legal Energy Monopolies Amendment (Question 3), which was designed to amend the state constitution with language to "establish an open, competitive retail electric energy market."[2]
Question 3 was written to end the electricity monopoly that NV Energy has in the state, covering about 1.3 million customers. The measure was designed to place a guarantee in the Nevada Constitution that energy customers have the right to choose their energy provider and generate their own for resale. Under Question 3, the Nevada State Legislature would have been required to pass laws by the middle of 2023 that open energy markets to competition[4][5]
Question 3 was approved in 2016, but, as an initiated constitutional amendment in Nevada, it needed to be approved by voters in two successive elections. Question 3 was defeated in 2018.
According to the Las Vegas Sun, the Las Vegas Sands Corporation previously considered buying energy on the open market, but chose to stay with NV Energy after the Nevada Public Utilities Commission (PUC) informed the company that they would be required to pay a $24 million exit fee. The Las Vegas Sands Corporation argued that the exit fee was intended to "perpetuate NV Energy’s monopoly."[2]
"Big business should not be the only ones participating in a discussion about energy choice,” said Ron Reese, a spokesman for the Las Vegas Sands Corporation. “It’s important our employees and all Nevada ratepayers have a voice in this debate and we will absolutely support efforts to help those voices be heard."[2]
Overview of ballot measure support and opposition
The following table details the Las Vegas Sands Corporation's ballot measure stances available on Ballotpedia:
| Ballot measure support and opposition for the Las Vegas Sands Corporation | |||
|---|---|---|---|
| Ballot measure | Year | Position | Status |
| Nevada Question 3 | 2016 | Supported[2] |  Approved
|
| Nevada Question 3 | 2018 | Supported[2] |  Defeated
|
Leadership
The following individuals held leadership positions with the Las Vegas Sands Corporation as of September 2016:[6]
- Sheldon Adelson, Chairman and CEO
- Robert Goldstein, President and chief operating officer
- Patrick Dumont, Executive vice president and chief financial officer
Recent news
The link below is to the most recent stories in a Google news search for the terms Las Vegas Sands Corporation. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
- Sheldon Adelson
- Nevada Legislature to Minimize Regulations on the Energy Market and Eliminate Legal Energy Monopolies, Question 3 (2016)
- Nevada 2016 ballot measures
External links
- Las Vegas Sands Corporation homepage
- Las Vegas Sands Corporation on Facebook
- Las Vegas Sands Corporation on Twitter
Footnotes
- ↑ 1.0 1.1 1.2 Las Vegas Sands Corporation, "Our history," accessed September 6, 2016
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Las Vegas Sun, "Las Vegas Sands backing initiative to end NV Energy monopoly," May 25, 2016
- ↑ LinkedIn, "Las Vegas Sands Corporation," accessed September 6, 2016
- ↑ Reno Gazette-Journal, "Things to know on a ballot measure to end NV Energy monopoly," April 25, 2016
- ↑ Las Vegas Review Journal, "Initiative proposes breaking up NV Energy monopoly," February 4, 2016
- ↑ Las Vegas Sands Corporation, "Las Vegas Sands Leadership," accessed September 6, 2016
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