Las Vegas Sands did not provide further details on its iGaming investment strategy and its goals. Company officials first indicated that they might start exploring the digital gaming and betting marketplace this past January.
The casino operator’s newly revealed interest in online gambling represents a major shift from the managerial path followed by its former leader Sheldon Adelson died last January.
As part of its newly launched effort, the casino operator is building a special digital gaming investment team that will be led by Davis Catlin.
Catlin joins from private equity firm Sands Capital Management (unrelated to Las Vegas Sands) where he spent 14 years and for the last decade led its investments in public and private online gambling companies.
"Sands is determined to grow its leadership position within the industry and is committed to doing that through strategic steps we think best position the company for future growth," said Robert Goldstein, the company's chairman and CEO.
"Digital gaming and other related offerings are still very much in the early stages of development, and we believe there is an outstanding opportunity for us to invest in the technologies being developed," added Goldstein.
"We believe our company's platform, expertise, and financial resources, together with the investment team led by Davis, will provide meaningful opportunities to make investments that will generate significant long-term benefits for the company. And just as our integrated resorts were not built in a day, by being patient and investing for the long-term, we believe these investments in digital gaming technology will deliver significant returns for the company and its shareholders," concluded Goldstein.
Source: GMB
