Sheldon Adelson's body isn't even cold yet and the casino empire he founded is already abandoning his hatred of online betting by announcing intentions to join the online betting world. This is being aided by the company reportedly aiming to work with online giant 888 Holdings for a purchase.
The potential acquisition is rumored by industry sources, who said that the company is intent on getting into the online betting realm due to drops in revenue caused by the Covid-19 pandemic. This pandemic is costing Sands billions at its Las Vegas and Macau properties, and online betting has the potential of offsetting some of those losses.
Reportedly, this acquisition or partnership would see Sands having a gaming platform built for its properties with both a casino and sportsbook being a possibility.
"Working with 888, or buying it, is not its only option, but it would bring market-leading knowhow, technology and a great brand, for Sands China in particular," said industry broker Peel Hunt. "A collaboration between 888 and Sands, commercial or corporate, is uncertain, but would have the potential to materially offset UK risks to revenue."
We'll be following this story and will update readers as the details emerge.
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