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One of the few casino giants opposed to legalized online gambling called the prospect of legalization “fool’s gold”.
Billionaire Sheldon Adelson, in an opinion piece on the Forbes.com website, says he “opposes the proliferation of online gambling”.
He writes:
“You would think the chairman of the world’s largest gaming company would pursue any aspect of gaming which could increase profits, right?
“Ordinarily that is true—but online gambling is ‘fool’s gold.’
“Whether it is full casino gaming, poker only, or anything in between -this is a societal train wreck waiting to happen.”
The Sands of Las Vegas chairman goes on to insist that the US should stop state legalization of Web gambling by having the federal government rewrite current prohibition to make the activity illegal nationwide.
Adelson tries to make the point that his competition will be hurt the most by legal forms of online gambling. His business, on the other hand, will continue to thrive regardless.
“Critics will claim I have ulterior motives in taking such a strong stand on this issue. They’ll say I’m just afraid to compete for this business or that I’m worried about the impact on my land-based casinos in Nevada and Pennsylvania.
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“First, with our popular brands – like The Venetian – we would be very effective competitors in this market place. Having started more than 50 different successful businesses over the course of my nearly seven decades- long business career, I’m not afraid of competing with anyone. “Second, our company makes twice as much money from our non-gaming attractions in the United States than we do from our casino operations. Finally, almost all our casino profits come from Asia, where online gambling doesn’t exist and won’t be legalized soon, if ever. “So while the impact on my company’s business would be limited, the hit on other commercial casinos, Native American casinos, and racetrack-casinos across the land could be substantial and even lead to their eventual demise.” |
The casino mogul draws comparisons to Europe’s Web gambling market, for which he claims the sector has cut away at profit margins of brick and mortar establishments. None of those businesses seem to be complaining, however.
And finally, it all comes down to the devastating societal impact.
“On top of the negative economic impact, the plague it could bring to our society is even more far-reaching.”
- Ace King, Gambling911.com
