Las Vegas Sands Abandons US iGaming Efforts
It is difficult to say that Las Vegas Sands made an effort in the United States online gaming market. One would have to look very deep into the books to find more than a mention of it. But whatever “effort” was underway is now abandoned.
Adelson and iGaming
It was never a secret that casino mogul Sheldon Adelson was a staunch opponent of online gaming, specifically in America. While he appeared to oppose it in various countries in which his casinos operated, Adelson had the most political influence in the United States. Each year, he donated millions upon millions of dollars to Republican politicians and organizations. And some of them promised – as a mere coincidence of receiving Adelson’s support, of course – to introduce legislation that would strengthen the Wire Act and keep online gambling from proliferating in the US.
Adelson made significant headway in his plan to outlaw online gambling when he exerted his influence on members of the Trump administration.
The Wall Street Journal investigated and revealed how Adelson influenced officials in the United States Department of Justice to overturn a Wire Act precedent set back in 2012.
The headline of the @WSJ story says it all, and no one who has followed this issue is the least bit surprised "DOJ reversal on online gambling tracked memo from Adelson lobbyist" https://t.co/H3e4j6SGkY
— Poker Alliance (@ppapoker) January 19, 2019
When Adelson died in January 2021, so did the Sands’ ties with the anti-igaming movement.
Sands Supports iGaming
Just weeks after Adelson’s death, Robert Goldstein took over as Las Vegas Sands Chairman and CEO. And in his very first call with investors, Goldstein spoke of the company’s newfound desire to explore the igaming and sports betting markets.
Months later, Sands hired Davis Caitlin as Senior Managing Director. Caitlin brought a background in digital gaming to the company. And Goldstein commented that new digital offerings were still in the early stages of development. He said that Caitlin would lead an investment team to look into opportunities to “generate significant long-term benefits” for Sands.
With new people on board and a new direction for the company, igaming became a strong possibility for the casino giant.
Even as recently as April 2022, Sands invested in a company called U.S. Integrity, one that monitors sports betting activities and tries to grow the regulated US market. U.S. Integrity CEO Matthew Holt said that the investment was going to help the company expand and “develop new innovative products and services” to companies offering sports betting.
Not Interested Anymore
As of the midway point of 2022, digital and online gaming opportunities fell from the earnings call and company plans. As it turned out, Caitlin left the company in October to pursue another digital-related business.
Further, Eilers & Krejcik Gaming reported that Sands officially closed its online gaming investment division.
Sands has yet to inform investors as to the reason for the shutdown or the status of investments like the one in U.S. Integrity.
Whether the US igaming market is moving too slowly or the company is focusing on efforts to recapture Macau land-based gambling revenue, Sands appears to have fallen out of interest in the new frontier. Should the market suddenly grow and change significantly, Sands is likely to reexamine its options. But at this time, Sands no longer desires to be a player in the United States online gaming market.
Las Vegas Sands reportedly drops its efforts to enter the legal online gaming space
Spokesman on the status: "Nothing to provide at this time.” https://t.co/OB7i90C0VT @TheNVIndy #igaming #onlinegaming #Nevada
— Howard Stutz (@howardstutz) November 3, 2022
