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Las Vegas Sands (LVS +1%) CEO Sheldon Adelson's "moral opposition" to online poker has kept the...

Las Vegas Sands (LVS +1%) CEO Sheldon Adelson's "moral opposition" to online poker has kept the company stuck in neutral while rivals such as MGM Resorts and Wynn Resorts make strategic plays to prepare for the potential of legalized online play. Though Adelson appears likely to take his fight to Congress to attempt to stop the online poker movement, gambling execs on the other side of the fight see him facing an uphill (and unprofitable?) climb.
Comments (3)
  • Clark McIntyre
    , contributor
    Comments (19) | Send Message
     
    Absolutely zero chance online poker is legalized at the federal level in the next 4 years. Sheldon is too close with Eric Cantor, and he won't sign off on any online gaming legislation without Sheldon's approval.
    27 Sep 2012, 09:36 AM Reply Like
  • No. 1 Trader
    , contributor
    Comments (47) | Send Message
     
    Sheldon doesn't like this because if people can gamble in the privacy of their own home they won't play and pay at Sheldon's expensive resorts.
    27 Sep 2012, 09:38 AM Reply Like
  • Darrellt
    , contributor
    Comments (72) | Send Message
     
    As a poker player myself I saw the huge impact of online play on the poker player population. While the percentage of poker players playing in the poker rooms went down, the total number of players was up, hugely up. However, if online play is legalized I doubt we will see that kind of increase in player population, so Sheldon may be have some sort of argument for wanting to protect his casino play. But as a recruitment tool to get people to gamble, online poker has been huge, especially in the European market. On balance, because of the recruitment of new gamblers, I think that Sheldon doesn't have much to lose in casino attendance if it is legalized.

     

    Finally, online poker is enormously profitable and LVS is missing a big bet by ignoring it. Even if they continue to lobby against it, they had better be developing a presence and a game plan for entering that market. With LVS's clout they could be a dominant player with profits in $billions. This is too big a potential to be ignored just because they see it as a threat. Better get with it LVS!
    27 Sep 2012, 01:00 PM Reply Like
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