Financially Fraught Sands Announces New C.F.O.

10 November 2008

On Friday, Las Vegas Sands Corporation announced the appointment of Kenneth J. Kay as senior vice president and chief financial officer amid rumors of financial woes.

Since 2002, Mr. Kay has been the senior executive vice president at CB Richard Ellis Group Inc., a commercial real estate services firm, and prior to that he held senior executive positions with Dole Food Company Inc. and Universal Studios Inc. He will join the company officially on Dec. 1.

In addition to this announcement, CapitaLand, a property developer in Singapore, has announced that it did not hold any talks with the Sands over a casino-resort project. This comes after the Sands affirmed it will continue to work on the Marina Bay Sands integrated resort in Singapore.

CapitaLand released the statement after a brokerage firm reported that the property developer could take over the Sand’s casino-resort if the casino giant crumbles under financial stress.