Las Vegas Sands to Invest in Digital Gaming Technologies
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Las Vegas Sands has announced plans to create a team which will focus on investment in digital gaming technologies.
Las Vegas Sands is going to become a strategic investor in digital gaming technologies. The plans include the creation of a team led by investment firm veteran Davis Catlin. Cat Lin is joining the company after spending 14 years working for Sands Capital Management in Virginia.
Sheldon Adelson died in January. New CEO Robert Goldstein outlined a new strategy for Las Vegas Sands. LVS will expand into new states in the US and invest in alternative verticals. The company has also agreed to sell its land-based Las Las properties for $6.25 billion. It will invest $5 billion to $10 billion in Macau.
LVS's revenue has declined by almost 16% year on year. US-based operators with a focus on digital gambling have seen their revenue skyrocket. FanDuel generated revenue of $896m in 2020, a rise of 81% from 2019 levels. DraftKings ended 2020 with revenue up 49% and saw a 253% rise in Q1 2021 revenue.
