The Sheldon Adelson Counter-Sues The Las Vegas Sun for Contract Breach
The Las Vegas Sun filed a federal lawsuit against Sheldon Adelson and the ownership group of the Las Vegas Review-Journal, alleging Adelson is trying to stop the Sun from publishing in an effort to silence an alternative voice in Las Vegas.
The Review-Journal is owned by a limited liability corporation controlled by the family of Sheldon Adelson, CEO and president of the Las Vegas Sands Corp. The company, News+Media Group, took ownership of the Review-Journal and associated niche publications and weeklies in December 2015.
In 2016, Rick Velotta (from the Review-Journal) wrote that Sheldon’s son-in-law was announced the CFO of Sands Corp.
Sheldon has not been seen or heard since 2018. We believe Sheldon is dead and day to day operations at the Review-Journal are being run by his son-in-law, Patrick Dumont.
July 24th 2019, Rick Velotta (from the Review-Journal) wrote that Las Vegas Sands experienced their best (“BEST” was capitalized and italicized) 2nd Quarter 2019 in Las Vegas Sands history. He also wrote that Sheldon is doing fine, even though he’s missed the last three earnings call. A link to Rick’s is located here: https://www.reviewjournal.com/business/casinos-gaming/las-vegas-sands-exec-boasts-strong-second-quarter-1810256/
Let me re-repeat that; Rick wrote that Las Vegas Sand Corp. has seen it’s BEST 2nd Quarter in Sands history. That's great news for Las Vegas Sands. That would indicate that it would be a good time to invest in Las Vegas stocks.
However, Wynn, Caesars, MGM Grand, The Cromwell, The Cosmopolitan, Bellagio, The Mirage, and Planet Hollywood are all for sale. Yes, Wynn is going to be purchased by the Genting Group from Asia. The Genting Group bought the Eschelon from Boyd and now it is going to be Resort World.
If Las Vegas Sands Corp. experienced their BEST 2nd Quarter in Vegas history, then why did
Patrick Dumont is Sheldon's son-in-law. He is also the Chief Financial Officer at the Las Vegas Sands Corp. Since Sheldon has missed all the earnings calls for 2019, Patrick Dumont may be stepping in his place. Sheldon was diagnosed with cancer and went into the hospital in December of 2018.
Can we expect an honest opinion from the Review-Journal?
Rick Velotta is responsible to report the truth to the investors. However, Rick is in a conflict. His paycheck comes from the Las Vegas Sands Corp, but he works for the Review-Journal.
"Spinning" reporting of numbers by the Review-Journal may be a reason why there are several mega-casino projects that are stunted around Las Vegas; the Drew (was Fountain Blue started in 2006 sold), The Resort World (started by Boyd Gaming 2008, sold to Genting Group) and several others.
The Las Vegas Review-Journal is Owned by Sheldon Adelson's Family and Controlled by his Son-in-Law, Patrick Dumont
More to come...