Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/24/2013 (1 year 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 (1 year 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Federal taxes unbelievably through the roof for February Watch

Image of Uncle Sam took in a lot of cabbage for the first few months of 2015. Why is the U.S. still trailing a momentous deficit, then?

By Catholic Online (NEWS CONSORTIUM)

Uncle Sam took in a lot of cabbage for the first few months of 2015. Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015. Why is it that the U.S. federal government still ran a $386,537,000,000 deficit ... continue reading


Top 10 most financially important cities in the world Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

New York City is still the most important center in the financial world, according to the latest ranking made by the Long Finance in The Global Financial Index 17. In the latest rankings, it was observed that more cities in Asia are becoming important within the world ... continue reading


Apple topples AT&T from Dow Jones in reflection of iPhone's dominant position Watch

Image of The move by S&P Dow Jones Indices had been widely anticipated since a seven-for-one stock split in June 2014.

By Catholic Online (NEWS CONSORTIUM)

Largest company in the world, Apple will join the Dow Jones Industrial Average to replace AT&T. The change reflects the dominant position of the iPhone maker in the U.S. consumer economy today. The figures tell the tale: Apple has a market capitalization of ... continue reading


'Underage Red': Sephora shocks consumers with inappropriately named lipstick shades Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With lipstick shades called "Underage Red" and "Lolita," the cosmetic retailer brand Sephora is under fire once again. Using names that refer to young girls being described in a sexualized manner, the lipstick shades grabbed the attention of shoppers, eventually ... continue reading


Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


80 MILLION Americans have their privacy invaded in Anthem data breach Watch

Image of An internal investigation, days later verified that the company was a victim of a cyber-attack, the company said, and federal authorities were alerted.

By Catholic Online (NEWS CONSORTIUM)

Insurance giant Anthem suffered a massive security breach when hackers broached computer safeguards and mad a wild data grab. Up to 80 million Americans have had their privacy effectively invaded, although authorities say more sensitive information was not ... continue reading


Electronic giant RadioShack files for bankruptcy - but will keep some stores open Watch

Image of The Chapter 11 filing, made in federal bankruptcy court in Delaware, surprised few. RadioShack had not turned a profit since 2011.

By Catholic Online (NEWS CONSORTIUM)

RadioShack, an iconic, 94-year-old electronics chain has filed for bankruptcy protection. The company has decided to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. LOS ANGELES, CA ... continue reading


Is your bank account suffering? Here are 5 INCREDIBLY EASY TIPS on how to save money! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Saving money is not a simple task. It is hard to resist eating out or buying the hottest new music. How can your savings account grow when spending money is so easy in today's world? LOS ANGELES, CA (Catholic Online) - Whether you're planning on moving or looking to ... 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, Isaiah 49:1-6
1 Coasts and islands, listen to me, pay attention, ... Read More

Psalm, Psalms 71:1-2, 3-4, 5-6, 15, 17
1 In you, Yahweh, I take refuge, I shall never be put ... Read More

Gospel, John 13:21-33, 36-38
21 Having said this, Jesus was deeply disturbed and ... Read More

Saint of the Day

Saint of the Day for March 31st, 2015 Image

St. Benjamin
March 31: St. Benjamin, Martyr (Feast Day - March 31) The Christians in ... 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