Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/24/2013 (10 months ago)

Catholic Online (www.catholic.org)

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.

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.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/24/2013 (10 months ago)

Published in Business & Economics

Keywords: Shbeldon Adelson, onling gambling, morality, Las Vegas


LOS ANGELES, CA (Catholic Online) - "My moral standard compels me to speak out on this issue because I am the largest company by far in the industry and I am willing to speak out. I don't see any compelling reason for the government to allow people to gamble on the Internet and nobody has ever explained except for the two companies whose special interest is going to be served if there is gaming on the Internet, Caesars and MGM," Adelson told reporters.

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!

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Business & Economics

Is it a sign of impending collapse? Financial savant Warren Buffett loses two billion in stock market Watch

Image of Warren Buffett recently lost $2 billion from investments in Coke and IBM, which have led some to believe that a stock market slowdown might be imminent.

By Catholic Online (NEWS CONSORTIUM)

Warren Buffett, the man known for focusing on long-term investment performance as apposed to making the quick buck, has lost $2 million in investments. LOS ANGELES, CA (Catholic Online) - Buffett owned Berkshire Hathaway investment house has large investments in ... continue reading


Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


400 wealthiest Americans now worth cumulative $2.3 TRILLION Watch

Image of Facebook founder Mark Zuckerberg has finally cracked America's most wealthy top ten at tenth place.

By Catholic Online (NEWS CONSORTIUM)

The rich, indeed get richer -- America's wealthiest are worth more than ever before. The United States' top 400 billionaires are now worth a dazzling $2.3 trillion, according to the latest edition of the Forbes 400. LOS ANGELES, CA (Catholic Online) - It comes ... continue reading


Record debt coupled with slow growth point to economic crisis, Geneva Report says Watch

Image of The Geneva Report says the rapid rise of public sector debt in rich countries and private debt in emerging markets, especially China, may lead to0 fresh economic crisis.

By Catholic Online (NEWS CONSORTIUM)

Record debt and slowing economic growth suggest the global economy could be heading for another crisis, the 16th annual Geneva Report warns. Commissioned by the International Center for Monetary and Banking Studies, the report predicts interest rates across the ... continue reading


Walmart to enter banking world with low-cost checking accounts Watch

Image of Walmart has been eying financial services for some time now.

By Catholic Online (NEWS CONSORTIUM)

Walmart is making its biggest venture into the banking world after several failed attempts in the past. The nation's largest retailer is joining Green Dot, already known for its prepaid payment cards, to supply checking accounts to nearly everyone over 18 years ... continue reading


The Chinese are coming! E-commerce giant Alibaba cleans house with its initial public offering Watch

Image of Chinese e-commerce giant Alibaba has raised more than $21 billion with its IPO, with stocks priced at $68 per share, signaling a strong demand for the tech-giant.

By Catholic Online (NEWS CONSORTIUM)

The Chinese e-commerce giant Alibaba has made the largest U.S.-listed initial public offering (IPO) of all time, with stocks priced at $68 per share, signaling a strong demand. LOS ANGELES, CA (Catholic Online) - Only large investors, like hedge funds, can ... continue reading


Bottom of the Barrel - Thanks to business tax, the U.S. is Number 32 in the world Watch

Image of A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high

By Catholic Online (NEWS CONSORTIUM)

A new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. So says the Wall Street Journal, the nation's leading journal on business. The White House and Sen. Charles Schumer (D., N.Y.) will attempt ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 3:14-21
14 This, then, is what I pray, kneeling before the ... Read More

Psalm, Psalms 33:1-2, 4-5, 11-12, 18-19
1 Shout for joy, you upright; praise comes well from ... Read More

Gospel, Luke 12:49-53
49 'I have come to bring fire to the earth, and how I ... Read More

Saint of the Day

Saint of the Day for October 23rd, 2014 Image

St. John of Capistrano
October 23: St. John was born at Capistrano, Italy in 1385, the son of a ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter