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Gary Loveman Says online poker in the United States is inevitable
Wednesday August 10, 2011 : LOVEMAN REITERATES INEVITABILITY OF ONLINE POKER IN THE UNITED STATES
"It will happen. It's just a matter of when and to which piece of legislation it will be attached."
Gary Loveman, the influential chief executive of the giant US land gambling group Caesars Entertainment, reiterated this week his belief that the federal legalisation of online poker in the United States is inevitable, and that the thinking in Congress has "turned an important corner on Internet poker."
"It will happen. It's just a matter of when and to which piece of legislation it will be attached," he told industry analysts at a Washington press conference, reinforcing recent comments he made publicly along similar lines.
Caesars has an interactive division based in Montreal, which already has online operations active in Europe in partnership with the Gibraltar-based 888 Holdings.com. The company also owns the World Series of Poker, an annual live poker tournament which takes place in Las Vegas and attracts top players from all over the world with multi-million dollar prize pools.
Loveman was speaking after announcing the group's second quarter 2011 results, in which the company recorded a loss of $155.5 million in the quarter, less than that it sustained this time last year (Q2-2010 a loss of $274 million).
The company has more than $19.5 billion in long-term debt, and in both 2010 and 2011 second quarters early debt repayments of $9.5 million and $12.1 million, respectively were achieved.
The latest report shows that the land operations of the group are seeing less frequent visits but higher per capita spending in those visits, with overall spending per rated-player trip increasing to 5.6 percent.
Net revenue for the company rose 0.4 percent to $2.23 billion, with a major contribution from the group's Strip properties in Las Vegas, where revenues grew 10.3 percent to $786.4 million.
Cost cutting strategies deployed by the group saved around $86 million in the quarter.
"Our second-quarter results clearly indicate that the organizational and strategic changes we've made to meet the challenges of the recession are improving our performance and paving the way for accelerated growth when the economy improves," Loveman said.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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