Sands president Leven to retire; Adelson stays put

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News,Business,Gambling,Sheldon Adelson

LAS VEGAS (AP) — Las Vegas Sands President Michael Leven plans to retire when his contract expires at the end of the year.

The casino company issued a statement late Wednesday saying the 76-year-old Leven will continue to serve on the board of Sands and Sands China Ltd. He's been president and chief operating officer since 2009.

Sands' billionaire CEO Sheldon Adelson batted down rumors by saying he has no plans of slowing down or passing his title to anyone else. The 80-year-old Adelson says he's intently focused on building on the company's momentum.

A committee led by the board of directors is responsible for recommending Leven's replacement.

Sands' portfolio includes the Venetian and Palazzo casinos in Las Vegas, as well as lucrative properties in the Chinese gambling enclave of Macau.

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