Adelson reiterates opposition to online gambling

Addressing shareholders of his Las Vegas Sands land casino enterprise this week, Sheldon Adelson used the opportunity to reiterate his strong opposition to the legalisation of online gambling in the United States

One of the world’s wealthiest individuals, Adelson told his investors that he is “very, very much against Internet gaming” and will continue to support anti-legalisation initiatives on moral grounds, saying he didn’t want poor families to have such easy access to casinos.

Adelson also cited business reasons for his vehement opposition, claiming that internet gambling was a threat to the land-based business that could result in job losses.

“Once the employment of land-based casinos is done away with by Internet casinos, they can’t be replaced,” he told investors.

Adelson presented impressive results, especially from LVS’s Asian operations, to his shareholders at the meeting, telling them of his further Asian expansion plans.

“These [Asian markets] present the most promising and meaningful development opportunities in the world,” Adelson said, adding that casinos would help their host countries by attracting investment, increasing employment and expanding their tourist appeal.

Properties in Asia have driven much of the company’s revenue growth. In the quarter that ended March 31, Sands’ net income climbed 36 percent compared with the same period last year. Revenue rose 21 percent to $4 billion.

In response to a question about his own future with the company, Adelson said he has no plans to step down despite his advanced age.

“80 is the new 60,” he joked.