Sheldon Adelson Puts Pressure on Spain to Restrict Online Gambling
Sheldon Adelson has demanded that online gambling be restricted in Spain as part of a deal to build Europe’s largest casino in Madrid.
From Casino Choice:
Chairman and CEO Adelson, who met with Spanish PM Mariano Rajoy in late May, informed shareholders at its AGM last month that LVS had told the Spanish federal government that as well as an in-casino exemption to the country’s no-smoking laws, “we need some more satisfaction on online gambling”, specficially that: “We need that [online gambling] bill repealed.”
Adelson has offered commentary in various publications in recent weeks. The Las Vegas Sands Chairman also issued a statement to shareholders:
“We’ve done a lot of studies in Europe, because there’s a lot of internet gaming in Europe, they are starting to allow it in the United States, we are very, very, very much against it. There’s no benefit to our society from internet gaming. The only guys…we don’t create jobs. The tax revenue from internet gaming is miniscule. It’s hardly worth the paper it’s written on. So there’s no real benefit.”
LVS shares were up only slightly Monday despite news of Macau’s positive revenue numbers in June.
- Aaron Goldstein, Gambling911.com
