Sands Corp’s US Withdrawal Could Open Doors For Entry Into Australia
A few weeks before Sands Corp. chairman and founder Sheldon Adelson could pass away, there were rumours floating around that Sands Corp could be interested in purchasing Australian casino operator Crown Resorts.
Those rumours faded after the passing of Sheldon Adelson in January 2021 as Sands Corp. made it clear that they were now interested in getting into online gambling and sports betting in particular now that Adelson was no more. Adelson was the biggest opponent of online gambling legalization.
Sands Corp. recently announced that it had entered into an agreement to dispose its Las Vegas casino resorts and convention center in a deal estimated to be around $6.25 billion.
The casino operator decided to pull out of the U.S market and said it would focus on its Asian business ventures in Macau and Singapore which generated over 80 percent of its combined revenue.
With Sands now focused on the Asian market, it will be interesting to see if the casino operator will expand its base a little and move into the Asian Pacific market with the emphasis being on Australia.
The earlier rumours of a Crown Resorts acquisition could end up coming true if Sands decides that the market down under is attractive enough for it to venture into.
Australia Will Welcome Sands Corp.
Crown Resorts is in a lot of trouble in Australia as multiple gaming regulators have launched investigations into deliberate violations of gaming regulations that include money laundering and criminal ties to the Asian mafia.
Crown Resorts could end up having its casino license revoked due to these serious breaches and is currently waiting for the NSW regulator to make a decision on the investigation results and on the Victorian regulator to complete its investigation.
Australia will welcome a takeover of Crown Resorts by Sands Corp. as the Las Vegas based casino operator has a good market reputation. Sands Corp. has run a successful operation in Singapore, Macau and Nevada where gaming regulations are extremely stringent and has shown that it can run a tight ship.
A takeover will also do well for Crown Resort’s reputation which has been badly damaged in Australia during the last couple of years due to multiple shortcomings. Sands Corp. should have no problem convincing Australia legislators and regulators that they are capable of turning things around and salvaging a sinking ship.
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world