There are pros and cons, of course. But the two big players are definitely gambling types.
“Caesars Entertainment Corporation leads the group of Vegas casino operators that are backing the legalization of online gambling in the United States. They believe that once online gambling becomes legal, Las Vegas-based casinos stand to benefit tremendously,” according to StreetWiseJournal.
Also in the ring? None other than the Las Vegas Sands, owned by casino honcho and part-time political meddler Sheldon Adelson. The Sands’ position is that online gambling will work against Las Vegas and every other brick and mortar casino in the country. Why travel to a casino when you can just go online?
“This is the battle royale that is being played out in the halls of congress through the millions of dollars of lobbying funds being supplied by both groups,” according to StreetWise. “What is indisputable is that Caesars Entertainment Corporation would stand to benefit tremendously from an online gambling victory. This company has been struggling since 2008 when it went through a leverage buyout by TPG and Apollo Global Management. The leverage buyout put a lot of debt on Caesars’ books right around the time the global financial crash of 2008 hit.”
After Vegas fortunes were pancaked by the financial crash, Caesars filed for Chapter 11 bankruptcy — and is still trying to recover.
It remains to be seen which party will win this match. Or if increasing approval of online gambling leads to the consequences anticipated by either one.
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