Casino mogul vows all-out war on online gambling
Nation's 11th richest man Sheldon Adelson says he's taking aim against Internet vice
The United States' 11th wealthiest man and CEO of Las Vegas Sands is declaring all-out war against online gambling. "I am willing to spend whatever it takes," Adelson has declared. To this end, he has hired a flank of lawyers and lobbyists to try to convince Congress to ban online gambling.
Internet gambling will hurt young and economically vulnerable Americans, Sheldon Adelson believes. He says that many of college age will view it as a potential way to get out from under a mountain of student debt.
The Coalition To Stop Internet Gambling, an advocacy group that Adelson hopes to launch, has surprised the casino industry. The industry, as a whole, had been preparing to gear up for a big push into online gambling in states like New Jersey, Delaware and Nevada.
As one of the nation's top political donors, Adelson first openly declared his opposition to online gambling in a June article he wrote for Forbes. He warned that online gambling would cause people to lose their homes. Spending enormous amounts of money on the 2012 presidential election, Adelson is now preparing to use his financial clout to push a legislative agenda connected to his business like never before.
Adelson's campaign against online gambling is a bipartisan effort, headed by former Republican governor George Pataki, together with Democrats Blanche Lincoln, the former Arkansas senator, and Wellington Webb, the former mayor of Denver. "I won't go into the business because it's a moral issue for me," Adelson said about online gambling. "If a stockholder said to me 'your morality can't count when it comes to making money for shareholders,' I see it from a business view point as very harmful to all the companies that go into it."
Internet gambling will hurt young and economically vulnerable Americans, Adelson believes. He says that many of college age will view it as a potential way to get out from under a mountain of student debt.
He also points out that there is no efficient technological way to stop minors or those suffering from alcohol or other substance abuse problems from gambling online. He notes that land-based casinos can prevent issues like money-laundering and stop people who should not be gambling from engaging in it.
Denouncing online gambling advocates as "hypocrites," Adelson says it's because they claim that a tightly regulated online gambling industry can prevent people who should not be gambling from betting money online. At the same time it has proven impossible to stop offshore online gambling sites in a timely manner from operating U.S. facing web sites or criminals from operating web sites involved in all sorts of illegal activity.
"It's the height of hypocrisy," Adelson says. "On one hand, high tech is not strong enough to stop bad people or bad things, but on the other hand, if you say it's a regulation the high tech is strong enough."
A birth foretold: click here to learn more!
© 2014 - Distributed by THE NEWS CONSORTIUM
Pope Francis Prayer Intentions for March 2014
Respect for Women: That all cultures may respect the rights and dignity of women.
Vocations: That many young people may accept the Lordís invitation to consecrate their lives to proclaiming the Gospel.
Rate This Article
Leave a Comment
More Business & Economics News
- $30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion
- Wowza! Restaurant starts charging diners for Obamacare
- Time banking - where time is BETTER than MONEY
- Google tops Exxon as world's second-most valuable company - for a day
- Bill Gates thinks poverty will be eliminated by 2035... But he's missing this one thing!
- World's richest playboys forgot to address the world's most serious problems between parties in Davos
- CROWDFUNDING: Brother, can you spare - funding for my new movie project?
- Here we go again! Increase the government's borrowing limit before late February, Treasury Secretary warns
- Pope Francis sends a message to Davos elites -- they'd do well to listen
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Disclaimer: The columns, articles, advertisers claims and any other features provided on Catholic Online Business & Economics are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Catholic Online and there is no implied endorsement by Catholic Online of any advice or trading strategy.