Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Netflix - FAANG a Buy, Sell or Hold?, CME Black Swans Chasing Value in Biotech Stocks - 5th Aug 21
We Will See SPX 4600 In 2021 - 5th Aug 21
Revisiting The Excess Phase Stock Market Peak Pattern - 5th Aug 21
Dramatic Divergence between US and European Stock Markets - 5th Aug 21
Budgie Clipped Wings, How Long Before Flight Feathers Grow Back After Clipping, 4 Week Update - 5th Aug 21
Lisa Su's AMD Stock Price Rockets to the Moon! $200 Target, How to Buy for Under $78 - 4th Aug 21
Gold Jumps for Joy Only to Hit the Ceiling… Hard - 4th Aug 21
Is Wise Really The King of Online Money Transfer Services? - 4th Aug 21
Tips for Investing Your Money in Stocks - The Ultimate Guide - 4th Aug 21
Gold is the Key to Financial Wisdom - 4th Aug 21
How to Trade Binance Vanilla Options for the First Time on Bitcoin Crypto's - 2nd Aug 21
From vaccine inequality to economic apartheid - 2nd Aug 21
Stock Market Intermediate Top Reached - 2nd Aug 21
Gold at a Crossroads of Hawkish Fed and High Inflation - 2nd Aug 21
Bitcoin, Crypto Market Black Swans from Google to Obsolescence - 1st Aug 21
Gold Stocks Autumn Rally - 1st Aug 21
Earn Upto 6% Interest Rate on USD Cash Deposits with Binance Crypto Exchange USDC amd BUSD - 1st Aug 21
Vuze XR VR 3D Camera Takes Near 2 Minutes to Turn On, Buggy Firmware - 1st Aug 21
Sun EXPLODES! Goes SuperNova! Will Any planets Survive? Jupiter? Pluto? - 1st Aug 21
USDT is 9-11 for Central Banks the Bitcoin Black Swan - Tether Un-Stable Coin Ponzi Schemes! - 30th Jul 21
Behavior of Inflation and US Treasury Bond Yields Seems… Contradictory - 30th Jul 21
Gold and Silver Precious Metals Technical Analysis - 30th Jul 21
The Inadvertent Debt/Inflation Trap – Is It Time for the Stock Market To Face The Music? - 30th Jul 21
Fed Stocks Nothingburger, Dollar Lower, Focus on GDP, PCE - 30th Jul 21
Reverse REPO Market Brewing Financial Crisis Black Swan Danger - 29th Jul 21
Next Time You See "4 Times as Many Stock Market Bulls as There Are Bears," Remember This - 29th Jul 21
USDX: More Sideways Trading Ahead? - 29th Jul 21
WEALTH INEQUALITY WASN'T BY HAPPENSTANCE! - 29th Jul 21
Waiting On Silver - 29th Jul 21
Showdown: Paper vs. Physical Markets - 29th Jul 21
New set of Priorities needed for Unstoppable Global Warming - 29th Jul 21
The US Dollar is the Driver of the Gold & Silver Sectors - 28th Jul 21
Fed: Murderer of Markets and the Middle Class - 28th Jul 21
Gold And Silver – Which Will Have An Explosive Price Rally And Which Will Have A Sustained One? - 28th Jul 21
I Guess The Stock Market Does Not Fear Covid - So Should You? - 28th Jul 21
Eight Do’s and Don’ts For Options Traders - 28th Jul 21
Chasing Value in Unloved by Markets Small Cap Biotech Stocks for the Long-run - 27th Jul 21
Inflation Pressures Persist Despite Biden Propaganda - 27th Jul 21
Gold Investors Wavering - 27th Jul 21
Bogdance - How Binance Scams Futures Traders With Fake Bitcoin Prices to Run Limits and Margin Calls - 27th Jul 21
SPX Going for the Major Stock Market Top? - 27th Jul 21
What Is HND and How It Will Help Your Career Growth? - 27th Jul 21
5 Mobile Apps Day Traders Should Know About - 27th Jul 21
Global Stock Market Investing: Here's the Message of Consumer "Overconfidence" - 25th Jul 21
Gold’s Behavior in Various Parallel Inflation Universes - 25th Jul 21
Indian Delta Variant INFECTED! How infectious, Deadly, Do Vaccines Work? Avoid the PCR Test? - 25th Jul 21
Bitcoin Stock to Flow Model to Infinity and Beyond Price Forecasts - 25th Jul 21
Bitcoin Black Swan - GOOGLE! - 24th Jul 21
Stock Market Stalling Signs? Taking a Look Under the Hood of US Equities - 24th Jul 21
Biden’s Dangerous Inflation Denials - 24th Jul 21
How does CFD trading work - 24th Jul 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Cancer of Online Gambling, Really Toxicity

Politics / Online Gambling Jun 21, 2013 - 10:47 AM GMT

By: Bloomberg

Politics

Las Vegas Sands Corp., Chairman and CEO Sheldon Adelson joined Bloomberg TV's Deirdre Bolton on "Money Moves" today to discuss why he's come out swinging against online gambling and said: "I think it is a train wreck. It's really toxicity. It is a cancer waiting to happen."

Adelson on poker being skill based: "That skill base is, in my opinion, just a bunch of baloney. To get a card is not skill base. I know people say it is skill based, but it's just so they can categorize it in a certain segment"


On the argument that online gaming would bring in revenue to some states that desperately need it: "You could also make that argument for legalizing heroin and cocaine and prostitution. You can create a lot of sin tax for the government to make money."

On his opinions of Governor Christie instituting online gaming In New Jersey: "I don't reward or punish politicians. It's not my job. I'm only one vote, but that of my family. I do support a lot of politicians, but I do so because of their ideology and their sharing of values with me... I am not trying to be a dictator. I'm trying to live my live as a normal person."

Adelson on online gambling:

"They are not getting wrong. I just had lunch with Steve Wynn. He is not totally against what I am saying. He discussed with me on his the potential impact on his property and my property in Las Vegas because we have two different markets. It really will not affect us one way or the other. I bring this up not because it is a business issue, but because I am citizen of the United States, a veteran of the Korean War, a father, a grandfather I am a patriot and I care about this country... I am not going to stand by knowing what I know, experienced what I experienced and not speak out. We did an eight country survey in Europe because we are contemplating doing a major development there and we found that the eight country that allow full internet gambling has gone up an average of 28% when the land-based casinos have gone down from 3-6% or stayed exactly even with a previously anticipated 5-10% growth factor. For 10 years, if you factor in 5-10% growth factor or even if you just stay even it is a great loss. I have 2 teenage boys. They get addicted to everything that is on the TV. When they talk about Gary Loveman only wants Poker. Gary Loveman and MGM have their own challenges. I do not have Challenges... We made billions of dollars last year. It is not a money issue with me. I think it is a train wreck. It's really toxicity. It is a cancer waiting to happen."

On cynics saying he is just trying to protect his rural land-based casino empire:

"First of all, let me tell you that the casinos account for less than 10% of my total gross income and EBITDA. I do have my properties in Vegas at $350 Million EBITDA. I do it in one property. In Macau or Singapore. Singapore last year made five times what our property earns in the United States. We are not intending to get into it. I'm just telling you any skeptic could say that money is the consideration. Money is not a consideration. Money is not a consideration with me. If you just look at where I stand in Forbes rating, No. 15 in the world, making $200 million extra is not an incentive for me."

On whether he wants a piece of potential revenue from online gambling following reports that Europe had $32 Million in online gambling revenue:

"No. No. I don't want it. It is not $32 Billion in Europe. If you want, we had a study done from eight countries from one of the betting gaining researchers in the world. What do you do with a kid that is either underage or of age with student loans? It is very easy for them to get pressured by peers to go and gamble white they are drunk or doing drugs."

On whether that is different from land-based casinos:

"Of course it is...No land-based casino would somebody that's our of control of themselves to sit and gamble... Let's say one thing for sure, it's an adult who gets dressed, gets in the car, comes with friends, goes to a place, they have a bueffet, they play, they go bowling and they play for a couple of hours hours on the tables and they enjoy themselves as entertainment, this not dressing in your Birthday suit, taking your computer into bed, and it is not underage kids that get set up by of-age kids, and they play until they lose all of their money. I believe that poker and other forms of gambling, poker particularly since it's considered a social activity and not gambling per se, kids will get up in the middle of the night if they cannot sleep, or they come home late, and they challenge each other to say, let's play some power or some blackjack. They are going to lose."

On not making an exception for the skills based Poker:

"That skill base is, in my opinion, just a bunch of baloney. To get a card is not skill base. I know people say it is skill based, but it's just so they can categorize it in a certain segment."

On making an exception for online poker:

"Absolutely not. Look, I'm a father, grandfather. I do not want my children - I'm a veteran of the Korean War. I do not want my children to have the opportunity to become addicted to gaming. And poker, in my opinion, would become one of the most addictive games. People do not get addicted to necessarily playing blackjack. They get addicted for the game. It is one of the many compulsive behaviors and somebody is addicted to gaming, they are addicted to some other compulsive behaviors. Can you tell me one good reason why internet gaming should be allowed."

On the argument that online gaming brings in state tax revenues:

"You could also make that argument for legalizing heroin and cocaine and prostitution. You can create a lot of sin tax for the government to make money."

On Jeff Bezos saying that internet gaming being the next logical step for the business:

"Well, why don't we say that other sins, crime, mugging, thievery, well kind of make that mobile too simply because everything is mobile? And what makes Jeff Bezos and Eric Schmidt a lot smarter. I've got 68 years of being in businesses. I've created over 50 businesses and never failed in one. I have recreated the hotel and gaming industry worldwide with a concept of integrated resources. I do not need any more money. Being the 15th richest man in the world does not make incentive to make a couple hundred million dollars more.

On Governor Christie legalizing online gaming in the Garden State:

"I live Governor Christie. I talk to him. He said he was about to be overridden anyway. He said it was about to be overridden or over-vetoed or whatever you call it. I like Governor Christie, but I'm not making any commitments. I like other candidates as well."

On whether Governor Christie authorizing online gambling in New Jersey bothers him enough to punish him:

"I don't reward or punish politicians. It's not my job. I'm only one vote, but that of my family. I do support a lot of politicians, but I do so because of their ideology and their sharing of values with me... I am not trying to be a dictator. I'm trying to live my live as a normal person. I can speak up because I'm an expert on the subject. The largest gaming and hospitality company in the world. I want to sound boastful, but we earned more money than the top three or four hotel companies combined. We have accomplished an awful lot. I have talked to some politicians about it and they agree with me. It's the first time in history of their office that a citizen has come in and said, please don't pass a law that will make more money for me."

On many being surprised he does not hold it against Gov. Christie:

"People are surprised by a lot of thing I do or don't do."

On how he justifies not holding it against Gov. Christie:

"I stand on moral principle. This is a moral issue for me. Morality as described in Webster's dictionary is to do the right thing, that is not doing the right thing. It is doing the wrong thing."

bloomberg.com

Copyright © 2013 Bloomberg - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Bloomberg Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in