Las Vegas Sands will keep paying health benefits and salaries to all of its 10,000 employees through at least October 31, company chairman and CEO Sheldon Adelson has said.
Sheldon Adelson Vows to Pay Employees Through October 31
Las Vegas Sands will continue to support workers by maintaining pay and covering benefits through at least October 31, the company said in an official statement to the public and employees on Wednesday. The decision was signed by LVS Chairman and CEO Sheldon Adelson and it outlined how it would support workers during the pandemic.
With nearly 10,000 people working under the Las Vegas Sands banner, the decision to retain the workforce must not been easy, but it was the right call to make, LVS argued. Meanwhile, The Venetian Resort Las Vegas paid full salaries and benefits through mid-June, after it had to shutter operations in March.
“The importance of family and close friends is never clearer than in times of uncertainty,” the letter began. Adelson outlined the current situation, arguing that Las Vegas Sands is trending well in Asia, but facing difficulties in Las Vegas, and needing more time to recover.
He acknowledged that many team members were facing personal challenges, caring for elderly relatives, spouses or family members. Even though Adelson didn’t know when the industry would recover, he argued that it would get back to a regular pace at some point in the future.
Las Vegas Sands Largesse in the USA and Beyond
While some may have disliked Adelson for his reported involvement in the Wire Act Opinion introduced in 2019 and 2020, his unequivocal support for all of Las Vegas Sands employees has been inspiring.
Adelson previously waived $170 million in owed rent money by tenants in malls in Singapore and Macao. Despite the financial difficulties Las Vegas Sands is no doubt going to bear itself, and with dignity at, Adelson promised to honor payments through October 31:
“What has not changed is our commitment to you. As such, even in the face of declining business demand, we are extending our commitment to maintaining pay and benefits through at least October 31.”
Adelson noted that with Las Vegas reopening starting hesitantly in June, the company’s executives have been focused on ensuring the health and safety of all employees who are the foundation of the company. He thanked team members for their contributions and loyalty and said that Las Vegas Sands will continue to try and be a pillar in the current challenging environment.
Anticipating developments, Las Vegas Sands pulled out of the Integrated Resorts race in Japan earlier this year, focusing instead on protecting its assets.