Can Sheldon Adelson Stop Online Gaming?

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May 8 (Bloomberg) -- Bloomberg’s Brian Miller reports on the efforts by Las Vegas Sands CEO Sheldon Adelson to put a stop to online gambling. Miller speaks on Bloomberg Television's “In The Loop.” (Source: Bloomberg)

Will lodging sector and those las vegas sands very well.

Does sheldon adelson have any chance of putting a stop to online gaming?

At this point, probably not.

He is essentially fighting a one-man battle against the rest of the industry.

None of the other operators have as big a problem and if you are actively involved in online gambling.

It's already been legalized in a few states.

It will be very hard to repeal that and walk back the process.

There are three states that have legalized online gambling, new jersey, delaware, and nevada.

How have they done so far?

It is a very small market and compared to expectations, results of been somewhat disappointing.

New jersey is that best example and that was posed to be about a $1 billion market.

There is a real chance that marketing will be larger than the revenue brought in in its first year.

So it's not doing well so far.

Let me play another part of that interview where sheldon talks about why it hits him so much and why he really wants to fight online gambling.

Do you worry that the chinese government will look at all that money pouring into this little enclave m calledacau and some of that money going to sheldon adelson and they will turn off the tap?


that never crosses your mind?

People bring it up.

They asked me if i think the chinese government -- they don't care about sheldon adelson.

That was another part where he was talking about his macau casino.

Let's play the one where he talks about the online gambling fight.

There is no reason nor any compelling reason to put a casino in everybody's pocket.

Under age, of age, college students that oh plenty of money, unfortunate people, working class people, middle-class people that will be easily exploited and easily incentivized to go on the internet and gamble.

For what?

Is it really that big of a danger that when you put it online, it will induce money laundering and that underage people will be online?

I think he has a credible point when he speaks about underage people were disenfranchised people gambling online and they might have easier access getting into a gambling environment where they could lose money.

As far as money laundering, i think the industry is hurt -- has pretty well shown he can as they do everything real-time, they catch onto that pretty quickly and are able to stop it.

The crux of his argument that it is legitimate is the under age and disenfranchise gamblers and making sure they are protected from themselves.

You heard earlier the other piece of conversation where sheldon adelson talked about how much money he is making him his macau casinos.

Is any of that at risk right now?

Asia is probably 75% of his overall business.

The u.s. is a small part.

You have money leaving china and going into macau and money coming out.

There are currency controls that are circumvented going in.

It will take big dips with rumors that the junket operation will get shut down.

With my coming out, you have to wonder if the chinese government says the u.s. operators are upstreaming dividends back to the u.s. and they don't want that money from china leaving china.

This text has been automatically generated. It may not be 100% accurate.


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