Las Vegas Sands closing digital gaming initiative, placing 400 out of labor | Casinos & Gaming

Las Vegas Sands Corp. is shutting down a digital gaming venture, an motion that can put 300 to 400 folks, together with round 150 Las Vegas staff, out of their jobs.

The choice to close down Sands Digital Services was reached earlier this week after firm executives decided the venture, which might have supplied reside playing from streamed sellers into markets which have legalized web playing, was not a great strategic match for the corporate.

“As has always been the entrepreneurial approach of our company, investments in SDS were made with the understanding there would be multiple points in the process where we would assess the most pragmatic path forward,” Sands President and Chief Operating Officer Patrick Dumont mentioned in a letter to affected staff and senior administration.

“Ultimately, we reached a moment in which it was clear to executive leadership and our board of directors that further pursuit of this business was no longer aligned with the company’s core long-term objectives,” he mentioned.

Company officers mentioned they might proceed to focus efforts on their market-leading alternatives in Macao and Singapore.

“The digital landscape continues to evolve, and technology and innovation will continue to play an important role in our industry,” Dumont mentioned within the letter dated Oct. 2. “As an organization, we’ll proceed to discover and put money into alternatives which can be in the most effective pursuits of our shareholders.

“Overall, we remain very fortunate to operate in the two best markets in our industry. Over the past two decades we have set the standard for the investments we have made in our land-based portfolio of properties and the elite level of customer service we have provided our guests.”

Sands grew to become concerned in digital gaming after it bought The Venetian and Palazzo on the Las Vegas Strip to Apollo Global Management Inc. and Vici Properties Inc. and bought some belongings of Qbet in 2021.

The technique was to ascertain a studio with reside sellers providing wagering that may very well be streamed to licensed web playing areas. In the United States, iGaming is authorized in New Jersey, Connecticut, Delaware, Michigan, Pennsylvania and West Virginia.

A Sands consultant mentioned the 150 native residents who misplaced their jobs might apply for openings inside the firm however that almost all openings require a special talent set.

Sands has continued to speculate closely in Macao, the place the corporate operates the Venetian Macao and several other different hotel-casinos and has dedicated new monetary assets as required underneath revised licensing agreements.

In Singapore, the corporate’s Marina Bay Sands property is within the midst of a significant growth, with new resort rooms and an area.

“We continually meet and exceed the commitments we have made to our host markets in Macao and Singapore,” Dumont mentioned. “Our dedication to our business partners and local communities remains an important part of our identity, as does our commitment to being the most shareholder friendly company in the gaming and hospitality industry. As a company, we have much to look forward to in the years to come.”

The Review-Journal is owned by the Adelson household, together with Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.