Sheldon Adelson’s casino firm on the hunt for betting partnerships
Las Vegas Sands is said to be in talks with potential suitors following six years of Adelson’s anti-online gaming campaigning
Legacy casino operator Las Vegas Sands (LVS) is in talks with potential sports betting partners, it has been reported.
Bloomberg today reported that current CEO Robert Goldstein was having early-stage discussions and is considering using the Sands brands for an in-house betting platform.
LVS founder and long-time CEO Sheldon Adelson has strongly opposed the widespread adoption of sports betting and online gambling in the US.
Adelson backed the 2014 campaign against online gambling dubbed the Restoration of America’s Wire Act (RAWA).
That same year Adelson was behind an anti-online gambling ad campaign that suggested Al-Qaeda was seeking to fund terror attacks via US-facing online poker networks.
Adelson has been on medical leave from the business since the beginning of the year.
LVS is one of a number of major brick-and-mortar casinos seeking to enter the rapidly growing online gaming space.
Caesars, Bally’s and Wynn have all acquired betting platforms in the last six months in an effort to build their own in-house products, while MGM is seeking to take over Entain.
In an analyst note today, investment banking firm Peel Hunt hinted at LVS buying 888 Holdings.
“Working with, or buying, 888 is not its only option but it would bring market-leading know-how, technology and a great brand, for Sands China in particular,” analyst Ivor Jones wrote.
“Historically, Sands was strongly opposed to online gaming expanding in the US. However, state-by-state regulation is firmly underway and the Republican party, long-funded by Sands’ chairman, is losing control in Washington.
“2021 could be a pragmatic time for Sands to decide to replace land-based revenue lost to Covid-19,” the note concluded.
“888, with its ‘Orbit’ casino platform and ‘Poker 8’ poker platform, would be well-placed to deliver on this strategy too.”
The brick-and-mortar casino industry took a beating last year as Covid-19 caused many to close their doors for up to three months.
The sector has yet to recover with states like Pennsylvania announcing casino closures once again in 2021.