Lessons from the LVS Boardroom

I joined the board of Las Vegas Sands Corporation in 2009 and served for seven years. Those years—working alongside Sheldon Adelson during the company's most ambitious expansion—taught me more about business than any classroom ever could.

Context: 2009

When I joined the board, Las Vegas Sands was in crisis. The financial meltdown had frozen credit markets. The company's stock had collapsed from over $140 to under $2. Analysts were openly questioning whether the company would survive.

Adelson had bet everything on two massive projects: Marina Bay Sands in Singapore and continued expansion in Macau. Both required billions in capital at a moment when capital was scarce and expensive.

It was, in retrospect, exactly the right time to be on that board. You learn more about leadership watching someone navigate a crisis than watching them ride a wave.

Lesson One: Conviction Requires Preparation

Adelson was famous for his conviction. He would pursue a vision with absolute determination, often in the face of skepticism from analysts, competitors, and even his own team.

But what observers often missed was how much preparation underpinned that conviction. Before committing to Singapore, Adelson had studied the market exhaustively. He understood the regulatory framework, the competitive dynamics, the demographic trends, the operational requirements. His conviction wasn't blind—it was informed.

This shaped how I approach investment decisions. Conviction without preparation is gambling. Conviction with preparation is strategy.

Lesson Two: Execution Is Everything

Marina Bay Sands was one of the most complex construction projects in the world. Three towers connected by a rooftop park. A massive convention center. An integrated resort unlike anything Asia had seen.

The timeline was aggressive. The budget was enormous. The stakes were existential—if Singapore failed, the company might not survive.

What I observed was relentless focus on execution details. Adelson didn't just set vision and wait for results. He engaged deeply with timelines, costs, construction challenges, vendor relationships. He understood that vision without execution is fantasy.

When Marina Bay opened on time and immediately became one of the most profitable properties in the world, it wasn't luck. It was thousands of decisions made correctly.

Lesson Three: Think in Decades

Wall Street thinks in quarters. Adelson thought in decades.

When Las Vegas Sands entered Macau, Adelson wasn't just building casinos. He was building infrastructure for a market that didn't yet fully exist. He understood that Macau would become the gaming capital of Asia—and he positioned the company to capture that growth over twenty years, not two.

This long-term orientation meant accepting short-term criticism. Analysts questioned the capital expenditure. Competitors thought the ambition was reckless. But Adelson understood that sustainable competitive advantage comes from bets that take years to pay off—bets that shorter-term thinkers aren't willing to make.

Lesson Four: Governance Matters

Serving on a public company board during a period of stress teaches you the importance of governance. How information flows to the board. How decisions get made under pressure. How fiduciary duties get balanced against strategic imperatives.

I came away with deep respect for the mechanics of governance. The boring stuff—committee structures, information rights, independent oversight—actually matters. It's the infrastructure that enables good decision-making at scale.

Lesson Five: Culture Compounds

Las Vegas Sands had a distinctive culture. High standards. Operational intensity. Customer focus. Accountability.

This culture didn't happen by accident. It was built deliberately, reinforced constantly, and protected fiercely. And it compounded over time—each year, the standards became more embedded, the expectations clearer, the results more consistent.

When I evaluate companies now, culture is one of the first things I try to understand. You can see it in how people talk about their work, how problems get escalated, how mistakes get handled. It's invisible until you look for it, but it determines everything.

The Broader Point

Board service is often described as oversight—making sure management doesn't do anything wrong. That's part of it. But the more valuable function is learning. Watching a skilled operator navigate complexity. Understanding how decisions get made under uncertainty. Seeing what works and what doesn't.

My seven years on the Las Vegas Sands board shaped how I think about investment, about management, about building businesses that last. I'm grateful for the education.