Las Vegas Sands explores opportunities in online gaming
Las Vegas Sands (LVS) is exploring opportunities for online sports betting and iGaming, told analysts Rob Goldstein, the newly appointed president and CEO of the casino and hospitality group.
Online games in the spotlight
Rob Goldstein, who was appointed as successor to LVS founder Sheldon Adelson after longtime president and CEO passed away earlier this month, outlined vertical online gaming markets, both regional and national, as presenting "many opportunities".
“At the moment we are exploring the possibilities, we are looking at what might be there, but with the proviso that there is nothing to report today. There is nothing concrete. "
Rob Goldstein, president and CEO of Las Vegas Sands
Goldstein continued, clearly stating that LVS had no intention of leaving the country, despite some speculation resulting from an offer of its Las Vegas Strip real estate in an approximately $ 6 billion deal.
The admission of interest in online and mobile gaming from the new CEO followed rumors that he would soon follow in the footsteps of other major terrestrial players, Caesars Entertainment and MGM Resorts, and target online gambling operators through mergers and acquisitions (M&A).
Earning money remains the top priority
The confession also signaled 180 for the casino and hospitality operator who has a history of opposing the idea of online gaming as Sheldon Adelson led efforts through the Restoration of America's Wire Act campaign in an effort to restore a previous federal ban on all types of gaming. online games.
Contrary to how Adelson was perceived by the public in relation to digital technology, Goldstein noted that the 180-degree turn was not due to a shift at the helm, and Adelson was too well aware of the potential offered by online gambling, and even heavily. he believed it.
“He just had a tremendous ethical concern for people who couldn't afford it, or people who were too young to benefit from it. He was not a supporter of the technology that could stop it. He never questioned its feasibility. "
Rob Goldstein, president and CEO of Las Vegas Sands
Rob Goldstein explained that the discussion with Adelson about the potential of online gaming took place before his death, and like any money-making company, LVS will consider every opportunity to do so, focusing on growth.
The President and CEO gave their approval following a fourth-quarter performance report in which LVS saw net revenues drop by 67.3% to $ 1.15 billion, with a quarterly operating loss of $ 211 million, adding to total operating loss in 2020 of $ 1.69. billion.