Boston, MA 06/06/2014 (wallstreetpr) – Las Vegas Sands Corp. (NYSE:LVS) is not only opposing taking casino online, but is also ready to bankroll campaigns against such a move. However, that does not mean that the company is not ready to take up new opportunities. The company’s big plans for Asia are in public domain.
During a shareholder meeting this week, Las Vegas Sands took its signature fight against online gambling a notch higher. While the company believes that gambling still has and will continue to make economic sense around the world, the company believes that taking gambling online will lead to untold moral and economic erosion that cannot be reversed.
First and foremost, Sheldon Adelson, the Las Vegas Sands Corp. (NYSE:LVS) CEO who claims that 80 is the new 60 (read his age), recently frankly told investors why the casino giant does not support Internet gambling. The executive said that for a moral reason, he does not want poor families to have easy access to casinos as Internet provides it. From an economic point of view, the CEO said that taking casino online will do away with land-based business and many jobs will be lost than can be replaced.
However, emerging casino companies believe that Internet provides the power that can fuel their overnight growth.
Las Vegas Sands Corp. (NYSE:LVS) is already a prominent player in the Chinese gambling capital of Macau. Although stricter regulations are beginning to find their way into Macau where multinational casino operators generate the majority of their Asian revenue, the location remains a lucrative market for established players.
However, the same established players such as Las Vegas Sands are also casting their eyes overboard. At the recent shareholder meet, the company told investors about its interest in Japan and South Korea where it expects robust hospitality and casino business.
Las Vegas Sands Corp. (NYSE:LVS) earned $0.97 per share on revenue of $4.01 billion in 1Q2014. That compared with $0.93 per share on revenue of $3.88 billion that Wall Street estimated for the quarter.