Las Vegas Sands is finally moving into the online gaming space with the company announcing the establishment of a new digital gaming investment team.
To be led by Davis Catlin, who joins the company after 14 years with Sands Capital Management, the digital gaming investment team will see LVS become a strategic investor in digital gaming technologies, focused primarily in the B2B space.
“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 LVS Chairman and CEO Robert Goldstein.
“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.
“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.”
LVS founder Sheldon Adelson had been a vocal opponent of online gaming, however Goldstein flagged the potential for a move into the online space during an earnings call in January – shortly after Adelson’s passing – amid rumors the company was considering the sale of its Las Vegas assets.
“I have very strong thoughts about [online gaming],” he said at the time.
“We are exploring it and if we have something concrete to say we will tell you. Right now it’s simply exploratory in the same way we explore lots of things over time.”
LVS, which confirmed the sale of its Las Vegas portfolio in March for US$6.25 billion, has also pointed to further investment in Asia and development opportunities in Texas and New York City as other potential uses for its sizeable bankroll.
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