CLAIMS TO FAME
- Has steadily risen through the ranks since joining LVS in 2013
- Previously oversaw Asian gaming research with UBS Investment Bank
Grant Chum moves into the Asian Gaming Power 50’s top ten for the first time in 2024, reflecting his steady rise through the Sands ranks since joining the company back in 2013.
Still yet to turn 50, the former investment banker was in January named CEO and President of Sands China as part of an executive reshuffle that saw Robert Goldstein, the Chairman and CEO of parent company Las Vegas Sands (LVS), step side as Sands China CEO and Dr Wilfred Wong relinquish his role as President. While both Goldstein and Wong maintain board positions as Chairman and Executive Vice Chairman respectively, it highlights the faith LVS has in Chum to lead the company forward.
And there is no doubt 2024 represents a critical time for Sands China in particular, as Chum himself has noted on many occasions during recent earnings calls. Well established as Macau’s market leader, the company has voluntarily ceded ground this year by shutting down its old Pacifica casino at The Londoner Macau – only recently reopened as Londoner Grand Casino – and at various times all 4,000 hotel rooms at neighboring Sheraton Grand. When Sheraton fully reopens in May 2025 as Londoner Grand Hotel, it will instead offer 2,405 keys including 1,500 suites and 95 rooms – an offering Sands says will better suit its premium mass leanings.
Despite the disruption, Sands China still reported net revenues of US$1.77 billion and Adjusted EBITDA of US$585 million in 2Q24 alone.
Chum also oversees the company’s Singapore resort, Marina Bay Sands (MBS), in his role as Executive Vice President – Asia Operations for LVS, giving him control of arguably the most lucrative trio of integrated resorts anywhere in the world in MBS, Londoner and The Venetian Macao. MBS has also been impacted by upgrade works over the past two years although it remains absurdly profitable – so much so that LVS’s planned US$3.3 billion expansion investment, which will include the addition of a fourth hotel tower – has now been more than doubled to US$8 billion.
That’s a hefty chunk of cash, but LVS says it expects Tower 4 alone – or Marina Bay Sands IR2 as the company calls it – to generate US$1 billion in EBITDA annually. Nice work if you can get it!
Chum, who no doubt played a key role in crunching those numbers, was previously an analyst at UBS Investment Bank before joining LVS in 2013 as Senior Vice President for Global Gaming Strategy for LVS. He was appointed Sands China’s Chief of Staff in 2015 before being promoted to Chief Operating Officer in February 2020 and appointed an Executive Director in 2021.
On current form, it seems the sky is the limit.
For the full list of 2024 Asian Gaming Power 50 winners, click here.
