Las Vegas Sands Exploring Opportunities in Online Gaming
Las Vegas Sands (LVS) is exploring opportunities related to online sports betting and iGaming, newly-appointed chairman and CEO of the casino and hospitality group Rob Goldstein told analysts Wednesday.
Online Gaming in the Crosshairs
Rob Goldstein, who was appointed as the successor of LVS founder Sheldon Adelson after the long-serving chairman and CEO passed away earlier in the month, outlined online gaming verticals, in both regional and national markets, as presenting a “multiple of opportunities”.
“Right now, we are exploring opportunities, looking at what might be out there, but with a caveat to that to say there’s nothing to report today. There’s nothing concrete.”
Rob Goldstein, Chairman and CEO, Las Vegas Sands
Goldstein continued by clearly stating LVS has no intention to leave the country, despite some speculations arising from the offer of its Las Vegas Strip properties in a deal around $6 billion.
The admission of interest in the field of online and mobile gaming from the new CEO came after rumors it was about to follow in the footsteps of the other major players in the land-based gaming market, Caesars Entertainment and MGM Resorts, and would target online gaming operators via mergers and acquisitions (M&A).
Money Making Remains Top Priority
The admission also signaled a 180 for the casino and hospitality operator who has a history of opposition to the idea of online gaming, as Sheldon Adelson led efforts of the Restoration of America’s Wire Act campaign, seeking to restore the previous federal prohibition on all types of online gaming.
Contrary to the way Adelson was perceived by the public with regards to digital, Goldstein noted the U-turn was not due to the change at the helm, and that Adelson was too well aware of the potential presented by online gambling and even strongly believed in it.
“He just simply had this outsized ethical concern about people who couldn’t afford it or people that were too young to use it, he wasn’t a believer in the technology that could stop that. He never questioned the viability of it.”
Rob Goldstein, Chairman and CEO, Las Vegas Sands
Rob Goldstein explained that a discussion with Adelson regarding the potential from online gaming had taken place prior to his passing away, and as every company which is in the business of making money, LVS would consider every opportunity to do so, keeping its focus on growth.
The admission from the chairman and CEO was made following the fourth quarter earnings report in which LVS posted 67.3% decrease in net revenue, to $1.15 billion, with an operating loss for the quarter of $211 million, adding to a 2020 total operating loss of $1.69 billion.
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