Steve Wynn Says Now is the Time for Casinos to Make their Move
May 29, 2011
Now that a wedge has been driven between the online poker market in the US, casinos are hoping to fill the void with their own online poker websites if and when the game becomes legal in the US, which it is looking more and more likely that it will. Should the online poker flood gates be reopened with regulation, there would be millions of potential US customers rushing to get back on the virtual tables after being stripped of their favorite past time—online poker.
Land-based casinos argue in favor of these players, suggesting that US players find a way to play no matter how many obstacles are put in their way in efforts to stop them. The casinos also believe that the tax revenue generated by the game would be monumental for the government at both state and federal levels.
Recently Steve Wynn, billionaire casino mogul and owner of Caesars Entertainment Corporation, spoke in favor of rewriting federal laws to specifically allow Internet poker (never mind sports betting and casino betting). Casino tycoons like Wynn are hoping that former online gambling empires in the US, namely PokerStars, Absolute Poker, and Full Tilt Poker, will never be allowed to operate in the US market again due to the indictments and charges against them. This leaves a lot of room for existing land-based companies to move in and take their place.
Gary Loveman, CEO of Caesars, told the Associated Press that this is the right time for casinos to
make their move. He says, “Our industry has to modernize itself in a way that allows its services to be provided electronically and not in these massively expensive brick-and-mortar facilities. To speak to a younger audience, this is increasingly necessary.”
Because the 2006 UIGEA prohibited banks from processing online gambling transactions and never specifically defined gambling as illegal, the door is open for regulation and legalization of online poker.
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