Sheldon Adelson Is Taking On A Bunch Of America's Billionaires Over The Future Of Gambling

Forbes' Nathan Vardi reports that hedge fund superstars George Soros, John Paulson and Leon Cooperman have taken a stake in Caesars Acquisition Co. (the online gambling spinoff of the physical casino that bears the same name).

That puts them squarely against fellow billionaire Sheldon Adelson, the CEO of Las Vegas Sands, over the future of the online gambling industry, which has spread across the country over recent years as states look to capitalize on the tax revenues.

Adelson, a casino magnate who gained national notoriety for a monster $100 million attempt to oust President Obama in 2012, is "working to get state attorneys general to sign a petition against online gambling," Vardi reports. From Forbes:

While Adelson's limitless money-and his willingness to spend it-may slow the momentum for online gambling by blocking its spread into big states like California and Florida, the odds of him stopping it or bullying his rivals out of the game are slim. He's got lots of chips, but all the other players at the table do, too.

Now it looks like Adelson's loss would be a major gain for a host of prominent investors.

Read the full report at Forbes »