Las Vegas Sands Corp. announced this week that Robert Goldstein is now the company CEO and chairman. He takes over the role previously held by Sheldon Adelson. Mr. Adelson died in mid-January after battling non-Hodgkin Lymphoma. Patrick Dumont was also named the COO and president of the company. These changes are the start of what could be a major change within the Sands company. For years, the brand has been against iGaming, with Adelson leading the charge. Now that he is gone, it seems the new leaders might consider getting in on the online gaming action.
Earnings Call Details
The new management team recently held its first earnings call after Mr. Adelson passed away, with Goldstein staying relatively quiet on a number of issues. He did not discuss any details involving concession renewals in Macau involving casino operators or the future of the company properties in Las Vegas.
He did speak about possible gaming in New York and Texas. Goldstein said that the company is ‘definitely in the hunt’ for a casino in New York City. However, this process will be ongoing as the state hasn’t even approved plans for venues yet. The company is also reportedly ‘kicking the tires’ for a venue in Texas. Goldstein said he visited the state last week but had nothing to announce.
What About Online Gambling?
For many years, Sheldon Adelson did all he could to fight the growth of online gambling. In the early years, he pushed to see any legislation thwarted, by providing donations to lawmakers who would stay on his side.
He even pushed legislative efforts himself to try and stop the blossoming industry from growing further than it already had in New Jersey, Delaware, and Nevada. He vowed to never offer online gambling within his properties and even sold the Sands Bethlehem before iGaming began in the state.
Now, the question has arisen involving iGaming and the Sands. Will the company launch services now that Adelson is no longer in charge? Goldstein was the right-hand man of Adelson for many years, but it is unclear if he feels the same way about iGaming.
A few days before Adelson passed away, rumors began swirling that the Sands was discussing possible partnerships with sports betting operators. This would essentially open up the company for iGaming. Recently, Goldstein said he had strong thoughts involving digital gambling but was not ready to discuss them yet.
However, he did say that digital is in the many considerations that the company is making right now. Sands is learning, observing and talking to people, but are not at a place where a decision would be made at the moment.
According to Goldstein, Adelson was not doubtful that online gambling would be profitable. He more so let the option was unethical as he was unsure how operators would be able to prevent children as well as adults who might be vulnerable from accessing the gambling games.
If the Sands were to start offering online gambling services, would it be too late? Or is the market large enough that even a slow starting newcomer could emerge successfully?