Analysis

After Adelson, Las Vegas Sands signals online shift

New Las Vegas Sands CEO Rob Goldstein gave a further hint the group might enter the online betting and gaming space.

Gldstein was officially appointed as CEO his week after he deaht of Sheldon Adelson earlier this month.

He said the group was looking at a number of options that would enable it to join the digital gambling wave sweeping across the country.

“I have very strong thoughts about this,” Goldstein said.

“We just want to keep working toward our goals.

“It’s a very interesting business. The question is can we bring something to the table that can make a lot of money.”

Although partly expected since the death of LVS founder Sheldon Adelson, Goldstein’s comments mark a major step change .

Digital opportunities

During the call Goldstein pointed out that Adelson never questioned online gambling’s viability as a profit generator.

But he did object to it on ethical grounds.

Goldstein said LVS executives were currently exploring a number of possibilities around digital gaming opportunities. But there was nothing to report so far.

Under Adelson’s stewardship the group would never have countenanced such a move.

Its potential arrival on the iGaming sphere would make LVS the last of the major U.S. casino operators to join the online party.

Wynn Resorts was the other major operator that had always stayed neutral on iGaming until the regulatory tide of the past three years.

However, WynnBET is now live in eight states, adding Ohio as its most recent active jurisdiction.

Worst-ever year for LVS

The call covered LVS’s fourth quarter results. The company’s Macau and Singapore resorts have been severely impacted by closures and restrictions linked to the pandemic.

In common with all land-based casinos, the group’s Vegas Strip resorts have been badly hit by the pandemic.

Goldstein said he remained bullish on Las Vegas prospects. “It may take significant time to recover, but the demand will be there,” he said.

COVID19 led to Las Vegas Sands’s worst-ever financial performance in the past 12 months.

The group suffered net losses of $1.69bn in 2020 and revenues dropped almost 74% to $3.6bn.

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Jake Pollard

Jake Pollard is an experienced journalist and editor who has covered the online gaming and betting industry for many years. He has written for the leading media outlets as well as operators and suppliers in the igaming space. His current areas of focus are wide-ranging and include regulatory developments in the US, emerging markets in South America and how European countries are adapting to a decade of igaming regulation.

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