LVS Owner Adelson Starts Coalition To Ban Internet Casinos In US
Las Vegas Sands CEO Sheldon Adelson has reached an age where there is no possibility of him losing his wealthy. He is one of the wealthiest men in the world, and has enough money for several future generations of Adelson's to live extravagantly.
For the Sands boss, his life has turned into a series of efforts to stand up for what he believes in. His latest endeavor is an all-out war on the online gambling industry in the US. Included in Adelson's cross-hairs are fellow bilionaire gaming company owners who are pushing for regulation.
Steve Wynn, who owns Wynn Resorts, Caesars Entertainment, MGM Mirage, and several other big name companies have thrown their support behind Internet gambling. Several of the companies have already partnered with overseas companies in preparation for coming regulations across the US.
Sheldon, however, has started a battle with his fellow gaming owners. The billionaire has decided to put millions of dollars behind a new coalition aimed at banning online gambling in the US. The new group, called the Coalition to Stop Internet Gambling, is expected to lobby hard in Congress for a change in the current laws.
The Unlawful Internet Gambling Enforcement Act made it difficult for US gamblers to play at online casinos. Financial institutions were saddled with the burden of denying transactions associated with online casinos. That pushed many foreign companies out of the US market.
The departed companies have since started to resurface. although with a little help from established land-based casino owners. Three states, Nevada, New Jersey, and Delaware, have all passed online gambling regulations, with Nevada having already opened their first online casino.
Licenses, however, were awarded to existing gaming owners. Companies such as Wynn Resorts sought partnership deals with foreign companies that had platforms that could handle online gambling once the laws in the US changed.
Adelson has now become a wild card in what has been a growing sentiment in Congress to undo the UIGEA and pass Internet gambling regulations. Adelson has as strong a lobbying hand as any person in the country, and he plans to use that clout to persuade lawmakers to keep online gambling out of US citizens' homes.
The first battles in Congress are ready to take place in the coming months, where Adelson's new coalition will face off with the most prevalent gambling lobby in the country, the American Gaming Association. Many analysts are expecting the AGA to be no match for the millions of dollars and influence of Adelson.
New Jersey, the latest state to regulate Internet gambling, has its first online casino ready to launch and go live next week.