Las Vegas Sands Online Gaming
Jul 12, 2021 Las Vegas Sands CEO Rob Goldstein, pictured in an interview, above. The company is unveiling digital gaming plans. (Image: Bloomberg) The unit will be led by Davis Catlin, who joins the gaming. Las Vegas Sands has wanted a resort-casino in South Florida for years. A newly formed political committee received $17 million last month from one of the largest casino companies in the world, but.
In a hiatus from its longstanding opposition to online gambling and American land-based casino operator Las Vegas Sands Corporation recently revealed that it intends to “become a strategic investor in digital gaming technology.”
The Las Vegas-based company used
Monday’s official press release to state that it will build a ‘digital gaming investment team’ that will be ‘focused primarily in the business-to-business space.
By this point, most major US casino companies have made their entries to the new online gambling space. And yet the largest of all, Las Vegas Sands, has been sitting out. The reason is no secret: Its late owner and founder, Sheldon Adelson, was an adamant opponent of the idea. Adelson passed away last month, leaving the company in the hands of. Sands pioneered the convention-based Integrated Resort with the opening of The Venetian Resort Las Vegas in 1999. Today, our footprint spans eight properties in Macao, Singapore and Las Vegas — all contributing significant economic impact to their home communities. $27B cumulative global investment (2019). Jul 13, 2021 July 13, 2021, 8:55 am. Casino powerhouse Las Vegas Sands is set to finally venture into online gambling after its former CEO and Chairman, late businessman Sheldon Adelson, for many years kept up strong opposition to digital casinos. The company announced Monday that it plans to become a strategic investor in digital gaming technologies.
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The company also revealed that its new online gaming venture will be led by Davis Catlin, who recently joined its ranks after 14 years with independent private investment specialist Sands Capital Management.
Experienced specialists:
Robert Goldstein serves as Chairman and Chief Executive Officer for the Las Vegas Sands Corporation and he uses the press release to explain that Catlin has led previous employers’ private and public digital gaming efforts over the past decade. However, he stated that hooked is now tasked with providing casino companies with “meaningful opportunities to make investments” in the hope of “resulting in significant long-term benefits for the company.”
Reading a statement from Goldstein…
“Las Vegas Sands Corporation is determined to develop its leadership position in the industry and is committed to doing so through strategic steps that we believe position the company best for future growth. Digital games and other related offerings are still in the early stages of development and we believe there is a tremendous opportunity for us to invest in the technology that is being developed.”
Unlock new opportunities:
In his report on the matter and The Nevada Independent newspaper detailed that the move from the Las Vegas Sands Corporation comes as legalized online sports betting is available in more than 15 American states following the 2018 cancellation of the previous partial ban contained in the Professional and Amateur Sports Protection Act. (PASPA). The source also confirmed that real money online casino gaming is currently legal in five American jurisdictions with these two clubs likely to expand soon as jurisdictions look for new and new ways to fill the coronavirus-sized hole in their annual budget deficits.
Strong antagonism:
The newspaper reports that the Las Vegas Sands Corporation’s latest efforts remain surprising because the company’s founder, Sheldon Adelson, is known to be a staunch opponent of legalized online gambling. The billionaire entrepreneur is said to have spent millions of dollars over the years hoping to quell the iGaming threat even though he died in January at the age of 87 after battling non-Hodgkin’s lymphoma.
Size Shrinkage:
The Nevada Independent reports that Las Vegas Sands Corporation’s journey to iGaming’s next acceptance comes about four months after the company signed a $6.25 billion deal to sell The Venetian Resort Hotel Casino as well as the on-site 3,000 The Palazzo hotel rooms. This arrangement will purportedly take the Nevada company out of the American casino market altogether to leave it dependent on remaining properties in Asian gambling hotspots in Macau and Singapore.
Stepping into the digital space
US-based casino giant Las Vegas Sands (LVS) is ready to put its weight behind digital gaming. The operator has announced that it will become a strategic investor in digital gaming technologies, with a specific focus on the “business-to-business space.”
LVS confirmed the new strategy in a press release on Monday. The plans include the creation of a team led by investment firm veteran Davis Catlin. Catlin is joining the company after spending 14 years working for Sands Capital Management in Virginia. The team will focus specifically on digital gaming investment.
an outstanding opportunity for us to invest in the technologies being developed.”
Commenting on the plans, LVS chairman and CEO Robert Goldstein affirmed that the digital investment will “best position the company for future growth.” He said: “Digital gaming and other related offerings are still very much in the early stages of development, and we believe there is an outstanding opportunity for us to invest in the technologies being developed.”
A new look for Las Vegas Sands
When Las Vegas Sands founder Sheldon Adelson passed away in January this year, it opened the door to a change in strategy for the company. Casino industry magnate Adelson had consistently opposed online gambling for years, claiming that he was protecting children and problem gamblers. In 2014, he even created a coalition to push federal lawmakers to criminalize online gambling.
In January, however, the newly appointed LVS CEO Robert Goldstein outlined a path for the company centered around new verticals and markets. Speaking during his first quarterly call, the executive said LVS will aim to expand into new states in the US, such as Texas and New York, while also reaching into alternative verticals including sports betting and online gaming.
Since then, LVS has also agreed to sell its land-based Las Vegas properties for $6.25bn. The company signed multibillion-dollar deals with VICI Properties and Apollo Global Management for the sale of its Sands Expo and Convention Center and the Venetian Resort. In part, LVS said the aim of the sale is to allow greater investment in the Asian market, where it owns properties in Singapore and Macau.
Revenue continues to dwindle
The Las Vegas Sands
LVS’s shift in strategy comes with the company experiencing declining revenue figures year on year. In part as a result of the COVID-19 pandemic and the closure of its properties, the operator saw a loss of $1.69bn for the full year 2020. Revenue fell 280% from 2019’s figure to a total of $3.61bn.
revenue totaled $1.2bn for the first quarter of this year
This downward trend has continued into 2021. In the operator’s last financial report, revenue totaled $1.2bn for the first quarter of this year. That’s a drop of almost 16% from the corresponding period in 2020. Operating loss amounted to $96m compared to operating income of $6m last year.
Las Vegas Sands Online Gaming Casino
Meanwhile, US-based operators with a focus on digital gambling have seen revenue skyrocket over the same period. For example, FanDuel generated revenue of $896m in 2020, a rise of 81% from 2019 levels. Similarly, DraftKings ended 2020 with revenue up 49% year-on-year and saw a staggering rise of 253% in Q1 2021 revenue.