Wynn Resorts Team Up with PokerStars in Case of Regulation
March 30, 2011
A new direction has formed as of late in the ongoing saga that is US online poker with the alliance of established online poker sites and established Las Vegas land-based casinos. Up first is the collaboration of PokerStars and Wynn Resorts in the hopes of possible regulated online poker in the US.
Right now, the companies are mainly going to push for a federall bill that will legalize and regulate the online gambling industry on a federal level. “The companies will first work to secure the passage of federal legislation that will finally and conclusively define illegal internet gambling, provide law enforcement with the tools necessary to stop illegal internet gambling, protect consumers by establishing a robust regulatory environment for the safe operation of online poker by experienced operators, and establish a regime for the assessment and collection of taxes,” stated a press release.
Once legislation passes, the business relationship will transform into a new type of partnership as the two corporations would mutually launch an online poker site fairly named PokerStarsWynn.com, which would provide legal and regulated online poker to US players.
Ironically Wynn Resorts had formerly opposed the regulation of online gambling, as had other land-based casinos who feared the competition of online gambling would ultimately hurt their businesses. However, owner of Wynn Resorts, Steve Wynn, has now joined forces (if you can’t beat ‘em, join ‘em) and accepted that online gambling is here to stay and isn’t going anywhere. He now believes regulation is the best alternative and has devised a plan to tap into the industry’s sky high revenues.
“As a company that has safely conducted gaming in the US for more than 40 years, we believe that the same can be done for poker on the internet,” he says.
Ultimately, the alliance would provide benefits to both parties should the game of online poker become legal in the US, whereas they both may otherwise suffer without the alliance. Wynn now has a leg in the door with the PokerStars brand, which already has the player base, the software, the expertise, the pros, and the infrastructure to keep it all afloat. At the same time, PokerStars can use the Wynn name to protect itself from being scorned for allowing US players to continue to play on their site after the UIGEA went into effect.
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