Sands CEO Dumont Says Casino Company Not Interested in iGaming

• Las Vegas Sands won’t pursue online gaming
• Company previously had minor investments in the space, but scrapped a related unit last year
• Dumont wants Sands to focus on land-based integrated resorts

Las Vegas Sands (NYSE: LVS) won’t be changing its view on online gaming anytime soon, opting to focus on its core competency of developing and running integrated resorts, according to its CEO.

Speaking at Bernstein’s 42nd Annual Strategic Decisions Conference on Wednesday, Sands CEO Patrick Dumont told Richard Clarke of Bernstein Institutional Services that the company isn’t interested in pursuing iGaming. Rather, it prefers to enhance its leadership positions in Macau and Singapore.

We’re very focused on doing the things that we’re market leaders in,” said Dumont at the conference. “We think we’re the market leader in Singapore and what we do. We think we’re the market leader in Macau for what we do.”

Sands operates five integrated resorts in Macau, the world’s largest casino center. In Singapore, its Marina Bay Sands is one of the most profitable casino hotels in the world and that venue is in the midst of an $8 billion expansion.

Sands Previously Dabbled in Digital Gaming

At the height of the early iGaming and online sports betting booms in 2021, Sands created an investment with the intent of targeting stakes in businesses-to-business entities with exposure to the digital gaming industry.

Sands’ view on internet gaming appears unlikely to change with Dumont noting at the Bernstein that the operator won’t even consider licensing its widely recognized brand for use by iGaming operators. The Sands CEO would rather focus on running land-based casinos and returning capital.

“So, we feel like that’s what we’re really good at, and that’s what we’re going to stick to,” he said at the Bernstein event. “And when we have excess capital, we’re going to return it. And I don’t think we’re going to look to pursue things that are not in our core.”

Dumont Discusses Prediction Markets

Dumont briefly touched on the topic of prediction markets, reiterating that Sands currently has no exposure to the sports betting industry while adding the company is monitoring the evolution of the event contracts space. But count that as another area Sands won’t dabble in.

“So, we’re watching it. We’re trying to understand it. We are not in the sports wagering business,” Dumont told Clarke. “This isn’t something that we intend to pursue, but it’s interesting to watch and observe because it’s tangential to our industry. We’ll continue to observe it and try to understand what the outcome will be.”

Dumont is the governor of the Dallas Mavericks and with the league pushing the Commodities Futures Trading Commission (CFTC) — prediction markets’ federal regulator — to enact tighter protocols on sports event contracts, it makes sense that he’s staying abreast of goings on in the industry.