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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.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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