Building a Gambling Empire: The Sheldon Adelson Way
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Case Code: BSTR481 Case Length: 15 Pages Period: 1933-2015 Pub Date: -- Teaching Note: Available |
Price: Rs.600 Organization: Las Vegas Sands Corp. Industry: Gambling and Hotel Industry Countries: US, China Themes: Entrepreneurship, Business Strategy |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In February 2015, Sheldon Adelson (Adelson), Chairman and Chief Executive Officer of the world’s largest gaming company, Las Vegas Sands Corp. (LVSC), made a renewed push for a ban on online gambling. He lent his support to a bill re-introduced in the US Congress by two Republicans to make online gambling illegal. It was in 2011 that Adelson began opposing online gambling and had subsequently supported several legislative efforts to ban it. Adelson stated that online gambling sites amounted to a "societal train wreck waiting to happen" as they dented family values and made gambling accessible to impressionable youngsters. However, critics thought that Adelson was backing the bill to protect his own business interests.
Adelson, who came from an impoverished background, started working from a young age and quickly realized that he needed to own a business if he had to make more money. He became a serial entrepreneur involved in more than 50 businesses. By the time he was 35, he had become a millionaire. Adelson had always been a heavy risk taker and lost major portions of his fortune more than once to unpredictable changes in the economy. These did not, however, set him back.
In the 1970s, Adelson made his first major breakthrough when he realized that computer trade shows had huge potential. With the help of partners, he organized the 'The Computer Dealers Expo' (COMDEX) that went on to become the most successful computer show in the world and raked in millions. When the rights to COMDEX were sold, Adelson made around US$ 500 million...
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