The land-based gaming giant will build a “digital gaming investment team” focused on business-to-business opportunities, led by Davis Catlin, a senior managing director of Sands Capital, which pursues the operator’s investments.
“Sands is determined to grow its leadership position within the industry and is committed to doing that through strategic steps we think best position the company for future growth,” said Robert Goldstein, who took over as Sands’ chief executive officer following founder Sheldon Adelson’s death earlier this year.
Goldstein added that he felt that online gambling was still in its early stages and as a result there would still be many growth opportunities in the sector.
“Digital gaming and other related offerings are still very much in the early stages of development, and we believe there is an outstanding opportunity for us to invest in the technologies being developed,” he said.
“We believe our company’s platform, expertise, and financial resources, together with the investment team led by Davis, will provide meaningful opportunities to make investments that will generate significant long-term benefits for the company.
“And just as our integrated resorts were not built in a day, by being patient and investing for the long-term, we believe these investments in digital gaming technology will deliver significant returns for the company and its shareholders.”
The business then agreed to sell its portfolio of properties in Las Vegas for $6.25bn, as it planned to focus on the Asian market.