Las Vegas Sands to enter iGaming sector as strategic investor

13th July 2021 9:03 am GMT

New York-listed casino operator Las Vegas Sands has confirmed plans to enter the iGaming market by becoming a strategic investor in B2B gaming providers.

The initiative will see the operator establish a new digital gaming investment team, which will be led by Davis Catlin, who joins Las Vegas Sands from Virginia-based investment firm Sands Capital Management.

Catlin will help the company become a strategic investor in digital gaming technologies, focused primarily in the B2B space.

“Sands is determined to grow its leadership position within the industry and is committed to doing that through strategic steps we think best position the company for future growth,” said Las Vegas Sands chairman and CEO Robert Goldstein. “Digital gaming and other related offerings are still very much in the early stages of development, and we believe there is an outstanding opportunity for us to invest in the technologies being developed.

“We believe our company's platform, expertise, and financial resources, together with the investment team led by Davis, will provide meaningful opportunities to make investments that will generate significant long-term benefits for the company. And just as our integrated resorts were not built in a day, by being patient and investing for the long-term, we believe these investments in digital gaming technology will deliver significant returns for the company and its shareholders.”

Shares in Las Vegas Sands Corp. (NSQ:LVS) closed down marginally by 0.60 per cent at $51.02 per share in New York Monday.

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