Top Democrat: Sheldon Adelson Not in it for the Money

Sheldon Adelson is not only the archenemy of online casinos in America, he is also one of the country’s biggest Republican donors. But he was recently defended by an unlikely figure: fellow Nevadan and Democratic Senate Majority Leader Harry Reid.

Reid said this during an interview on MSNBC:

I know Sheldon Adelson - he’s not in this for money, he’s in it because he has certain ideological views. Now, Shelden Adelson, his social review are in keeping with the Democrats on choice, on all kinds of things. So, Sheldon Adelson, don’t pick on him - he’s not in it to make money.

Reid is probably right

Adelson is lobbying hard for American gambling laws to include a ban on all online activities. While many think he is motivated by the desire to protect his casino company from competition, that interpretation has major flaws.

For one, many studies have found that online gambling compliments rather than cannibalizes land-based casinos. In addition, Adelson could follow competitors like Steve Wynn and increase profit by going into the online casino market himself, rather than continuing to fight it.

Most likely, Adelson opposes online gambling out of principle, and not concern for his own wallet.