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NEWS 17 May 2017
Sheldon Adelson bets on Brazil with $8bn casino
By Caroline Watson
Sheldon Adelson visited Brazil this week in order to pitch his $8bn casino plans to a group of government officials Although he has expressed some reservations regarding the state of Brazil’s economy and called for infrastructure upgrades, the Las Vegas casino mogul has long spoken of the country as a “potentially very good opportunity.”

According to reports, the billionaire met with Brazilian President, Michel Temer and several other government officials, such as the Minister of Tourism and the President of the Chamber of Deputies, to pitch the multi-billion dollar idea.

The Sands Group CEO emphasised his interest in investing in projects for destinations such as Rio de Janeiro, Sao Paulo and in another undisclosed city that was at an “embryonic stage”.

Gambling in Brazil has been outlawed for the past 70 years with Adelson stating: “We rely on a very clear legislation and, of course, seriousness to invest in Brazil. We do not compromise with bribes or other actions that could compromise our ethical stance.”

According to the Brazilian Legal Gaming Institute: “All of the players in the industry know that the mogul is critical of sports betting, online gaming and of video bingo. He is interested in the fact that Singapore’s [gambling] model is imported, that is, that few casinos [are allowed] and that the rest of the modalities are not legalised.”

“Visionary, Adelson wants to be one of the first entrepreneurs to conquer the country’s gaming market and also bring his casino brand,” reported the Games Magazine website. “The approval of a consistent law could make Brazil the third best market for the group, after Las Vegas and Macau.”

RELATED TAGS: Land-Based | Industry | Legal & Regulatory | Financial | Casino
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