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This Week in Gambling: Shifting sands

4 February 2021

In an amazing turn of events, this week's gambling news finds that the Las Vegas Sands Corporation has made a major change to their online gambling philosophy. Now, the company is not wasting any time plotting a new, digital course after the passing of Sheldon Adelson. We also cover sports betting news and the end of an Atlantic City landmark.

It’s been less than a month since the passing of Las Vegas Sands President and CEO Sheldon Adelson. Already, the new CEO seems to be steering the company toward online gambling and digital betting. Entering web based sports betting was long rejected by Mr. Adelson, but Rod Goldstein is in charge now and seems set on this potential new expansion.

According to Bloomberg, Goldstein is currently in discussions that could result in Las Vegas Sands finally entering the online sports betting industry. Goldstein was officially named as Adelson’s replacement on January 26th. When speaking of Adelson’s dislike of online gambling, Goldstein said “He never questioned its viability… 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.”

Goldstein said he thought Las Vegas has its best days ahead despite the company’s two Strip resorts reporting a negative cash flow of $124 million in 2020. Total revenues for the Venetian and Palazzo dropped nearly 60% to $738 million. Now, online gambling looks to be a part of that future.

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