Published on November 20, 2013 by Tom Jones
Las Vegas Sands CEO Sheldon Adelson has reached an age where there's no possibility of him losing his wealthy. He's some of the wealthiest men within the world, and has enough money for several future generations of Adelson's to live extravagantly.
For the Sands boss, his life has became a sequence of efforts to face up for what he believes in. His latest endeavor is an all-out war at the online gambling industry within the US. Included in Adelson's cross-hairs are fellow bilionaire gaming company owners who're pushing for regulation.
Steve Wynn, who owns Wynn Resorts, Caesars Entertainment, MGM Mirage, and a number of other superstar companies have thrown their support behind Internet gambling. Several of the corporations have already partnered with overseas companies in preparation for coming regulations around the US.
Sheldon, however, has started a battle together with his fellow gaming owners. The billionaire has decided to position millions of bucks behind a brand new coalition aimed toward banning online gambling within the US. The brand new group, called the Coalition to prevent Internet Gambling, is predicted to lobby hard in Congress for a transformation within the current laws.
The Unlawful Internet Gambling Enforcement Act made it difficult for US gamblers to play at online casinos. Financial institutions were saddled with the weight of denying transactions related to online casinos. That pushed many foreign companies out of the U.S. market.
The departed companies have since began to resurface. although with slightly help from established land-based casino owners. Three states, Nevada, New Jersey, and Delaware, have all passed online gambling regulations, with Nevada having already opened their first online casino.
Licenses, however, were awarded to existing gaming owners. Companies similar to Wynn Resorts sought partnership deals with foreign companies that had platforms that would handle online gambling once the laws within the US changed.
Adelson has now become a wild card in what have been a growing sentiment in Congress to undo the UIGEA and pass Internet gambling regulations. Adelson has as strong a lobbying hand as any individual within the country, and he plans to make use of that clout to influence lawmakers to maintain online gambling out folks citizens' homes.
The first battles in Congress are able to happen within the coming months, where Adelson's new coalition will face off with probably the most prevalent gambling lobby within the country, the yankee Gaming Association. Many analysts predict the AGA to be no match for the millions of bucks and influence of Adelson.
New Jersey, the most recent state to manage Internet gambling, has its first online casino able to launch and go live next week.
Read More... [Source: Online Casino News]
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