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Entrepreneurs Betting on Online Gambling Regulation

1 November 2011 by admin

mgm-resorts-internationalThe tea leaves seem to say that federal online gambling regulation is coming soon to the United States. There is the fact that it is a way of cutting into the national debt without raising taxes. There is the fact that the House of Representatives has held a hearing on the impact of regulation. And now we have a lot of rich entrepreneurs looking to get into the action.

As reported earlier on, Donald Trump’s Trump Entertainment is entering a joint venture with Avenue Capital Group to offer online gambling once regulation legislation is passed. Trump isn’t the only big name to get prepared for eventual regulation, though. On Monday, two Las Vegas-based casino companies announced that they are forming a company with one of the largest online gambling companies in the industry.

Boyd Gaming and MGM Resorts International, both major players in the Las Vegas casino scene, announced that they will create a new entity by joining bwin.Party. In the new company, which is not yet named, bwin.Party will own 65% of the company, with MGM having 25% and Boyd the other 10%. Jim Murren, CEO of MGM Resorts, said that the decision is an “anticipatory” move that will take advantage of the new American online gambling market when it is created.

Another big land casino/online gambling joint venture involves Mirage Resorts. CEO Richard Bronson got the ball rolling two years ago because he thought regulation was inevitable. Not all of these types of ventures work out. Steve Wynn’s deal with PokerStars certainly backfired. Still, it’s a good sign that the big players in the American industry are starting to invest capital in the potential market.

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