Las Vegas Sands has been working hard to expand over the past few years. This major US gaming company now seems focused on entering Florida’s market. Reports have confirmed that Las Vegas Sands has donated millions to one of Florida’s political committees in another effort to break into the state.
LVS is hoping this helps them secure a move into Florida’s growing casino industry. The company may also benefit from the expected legalization of sports betting here. Now is a great time to look at what exactly is happening with this situation.
Let’s get into it!
Las Vegas Sands Continues to Focus on Expansion
The past couple of years have been difficult for Las Vegas Sands. The company immediately saw its revenue figures plummet after the US land-based casino industry shut down. The closure of all casinos in Las Vegas, in particular, proved devastating for this company.
It took months for the casinos across Nevada to reopen. Most casinos in Las Vegas reopened in June, yet tourism figures in the city remained extremely low. To make things worse, Las Vegas Sands founder Sheldon Adelson passed away last year amid the company’s struggles.
Las Vegas Sands operates a huge number of popular casinos across Asia. Like the US, most casinos across Asia were forced to shut down for months throughout 2020. It appeared, for a time, that the Asian casino industry was recovering faster than the US industry.
This didn’t make it past the officials within LVS. To the surprise of many analysts, officials within this company sold several of their biggest and most profitable US casino-resorts to focus more on operations in Asia. That includes The Venetian Casino-Resort located on the Las Vegas Strip.
This hasn’t exactly gone as planned. The tourism situation in Macau has been slower to recover than many anticipated. This is due largely to Mainland China’s constantly changing travel restrictions to and from the territory of Macau.
It now seems that Las Vegas Sands is beginning to focus more on US expansion once again. Will this company soon break into the emerging Florida casino market?
Reports Confirm Las Vegas Sands has Donated Millions in Florida Recently
Florida was once seen as one of the more anti-gambling states in the country. Things have changed lately, however, and there are now some truly world-class gambling venues operating here. These venues are all tribal-run, and no commercial casinos have been given permission to operate within the state.
Las Vegas Sands wants to see this change. The company has been taking a close look at breaking into Florida’s gaming industry for years. It’s not a surprise, as LVS has also been working to break into other Southern states like Texas.
New reports from the Las Vegas Review-Journal have surfaced this week claiming Las Vegas Sands has donated an astounding $17 million to a major Florida political committee called Florida Voters in Charge. This comes in an attempt for the company to secure a spot on the voting ballots. Essentially, LVS wants to gain public permission to open a casino-resort here.
Not long ago, Florida Governor Ron DeSantis approved a new measure that further restricts gambling in the state to the Seminole Tribe. LVS is working to change this law already. Donating to this political committee seems to be their primary strategy to accomplish that goal.
There is clearly a lot happening with Florida’s gaming industry. Several major commercial gaming companies have expressed interest in operating here recently. Unless something changes with the Seminole Tribe, however, that seems unlikely to happen.
Many are also looking forward to Florida’s legalization of sports betting. It appears that many companies are now focused on launching sports gambling operations here.
More Companies Push Florida to Legalize Sports Betting
The US sports gambling industry has been expanding rapidly since 2018. Today, more than 30 states across the country have approved measures to get this form of gambling regulated. Most of these states are earning a huge amount of revenue, as a result.
New reports have also surfaced this week claiming several of the country’s top sports betting companies have been investing into Florida in an attempt to get sports gambling legal. That includes DraftKings and FanDuel.
These sports gambling operators are supporting a new constitutional amendment that would formally allow Florida to legalize sports betting. They donated this money to the Florida Education Champions political committee, which is pushing for sports gambling to become commercially available in the state. If approved, the amendment could unravel the recent deal struck between DeSantis and the Seminole Tribe.
“Thank you to DraftKings and FanDuel for stepping up to the plate in an incredible way to kick off our amendment process that stands to help all Floridians. Our amendment will direct hundreds of millions of additional dollars toward Florida’s Educational Enhancement Trust Fund and open up the market for online sports betting to competition,” said David Johnson, chairman of this political committee.
Florida is home to some of the most passionate sporting fans in the country. It seems likely that a huge amount of tax revenue will come from the commercial legalization of sports gambling here. Stay tuned for updates over the next few months!
Are you surprised to hear that Las Vegas Sands has donated so much into Florida? Will this company ever open a casino in this state? Let us know in the comments section below.