Las Vegas Sands launches digital gaming investment division
Casino resort operator hails “outstanding opportunity” in pivot towards B2B online gambling
Las Vegas Sands (LVS) has confirmed the launch of a new digital gaming investment team as the casino resort operator looks to expand its business into online gambling.
The new department will focus on strategic investments in B2B and will be led by Sands Capital Management alumnus Davis Catlin, who joins LVS after 14 years with the Virginia-based investment firm.
During his time at Sands Capital, Catlin led the firm’s investments in both public and private companies in the online gaming space.
Speaking about the new investment arm, LVS chairman and CEO Robert Goldstein said: “We believe our company’s platform, expertise, and financial resources, together with the investment team led by Davis, will provide meaningful opportunities to make investments that will generate significant long-term benefits for the company.
“And just as our integrated resorts were not built in a day, by being patient and investing for the long-term, we believe these investments in digital gaming technology will deliver significant returns for the company and its shareholders,” Goldstein added.
In January, the LVS CEO admitted the firm was assessing a “multitude of opportunities” to pursue digital gaming in both the US and other regional markets.
Two months later, Sands agreed to sell a huge chunk of its US land-based casino empire to private equity firm Apollo Global Management and VICI Properties for $6.25bn, funds which the operator pledged towards expanding its Asia-focused operations and digital gaming entry.
“Sands is determined to grow its leadership position within the industry and is committed to doing that through strategic steps we think best position the company for future growth,” Goldstein explained.
“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,” the LVS CEO added.
The pivot towards digital gaming comes just six months after the death of long standing LVS CEO Sheldon Adelson who opposed online gambling in the US on ethical grounds.
Adelson famously fronted the Restoration of America’s Wire Act campaign, which aimed to restore a prior US government prohibition on online gambling.