Las Vegas Sands Contemplates Entering Sports Betting Market In 2021
Las Vegas Sands Corp. is the biggest casino operator in the world and also the only major gaming operator in America to not dabble in sports betting. While Sands Corp. does have a retail sports book at its iconic Venetian Casino, it is an outsourced operation that Cantor Gaming runs.
Sands Corp. has been reluctant to get into sports betting because its founder and chairman Sheldon Adelson has been the biggest advocate against online gambling. If Sands Corp. is to tap into the full potential of the sports betting market, it will have to consider online sports betting option.
Sheldon Adelson Is Out Of The Way
Sands Corp. is reportedly considering getting into the sports betting market in 2021 according to insiders who preferred to remain anonymous. There is no indication as of now if Sands Corp. will go ahead and develop its own sports betting platform or if it will tie up with sports betting partners and use its brand to break into the competitive sports betting market in America.
Sheldon Adelson – chairman of Las Vegas Sand Corp
One reason Sands Corp is pushing the sports betting agenda now is because billionaire Sheldon Adelson has taken a leave of absence. The 87 year old casino tycoon had a relapse of non-Hodgkin’s lymphoma and informed the board of an immediate leave of absence. There is no telling as to when Adelson will be back.
Long-time Sands Executive Robert Goldstein has taken over the role of acting CEO. Goldstein also stepped in before when Adelson took his first break for treatment a few years earlier. It appears that Goldstein is the one pushing the sports betting agenda and has already opened up initial talks.
While Goldstein is pushing the sports betting agenda, one has to assume that Goldstein is doing it with the approval of Sheldon Adelson.
Sports Betting Could Save Sands Corp.
Las Vegas Sands Corp. like all gaming operators in the United States have suffered huge financial losses due to COVID-19. Sands Corp. surprised the industry in late 2020 when it came out that the casino operator was looking to sell all of its iconic casinos in Las Vegas.
The fact that Sands Corp is now looking to get into the sports betting market, makes it clear that the casino operator is keen to get more revenue coming in at the earliest. As of now there are 19 states that have legalized sports betting markets up and running and another 6 states that have approve legalized betting.
With Adelson out of the way, it’s the perfect scenario for Goldstein to push forward with the sports betting agenda.