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MGM Resorts Says Online Gambling Ban Wont Hurt Them
Thursday April 30,2015 : THE INTERNET IS HERE TO STAY, SAYS M.G.M. CHIEF EXEC.
But a federal ban will not cripple his company.
In a wide-ranging press conference this week Jim Murren, chairman of the American Gaming Association and chief executive officer of Las Vegas gambling group MGM Resorts International, opined that the Internet is here to stay, but that if a Sheldon Adelson-inspired federal ban on internet gambling were to succeed, it would not cripple his company.
And he declined to reveal how big an investment his company has made in online gambling so far as a supporter of state by state legalisation of the genre.
He expressed other opinions regarding the US industry, too, including:
* Las Vegas as a complete entertainment experience is unlikely to fail if Nevada were to lose its virtual monopoly on sports betting through the overthrow of current federal bans on the practice elsewhere in the United States.
That is likely to encourage New Jersey politicians, who remain mired in litigation with the national sports leagues in the fight to get around the federal Professional and Amateur Sports Protection Act.
* The gaming industry as a whole failed to present a cohesive and positive effort in 2012 when moves to legalise online gambling at the federal level failed, opening the way for major-funded anti-online gambling campaigns that put the industry on the back foot.
* The American Gaming Association is putting in a major political effort ahead of the presidential elections next year in order to showcase the contribution to communities and the national and state economies of the land gambling industry.
Murren claimed that the industry has been poorly understood and not fully appreciated despite its presence in 40 states and generating employment for over 360,000 Americans.
He revealed that the Association is gearing up its political action committee and has already launched its "Gaming Votes" campaign.
* Despite the significant declines in Macau revenues, Murren said he is positive about the gambling enclave's future, as evidenced by his company's new venture there, due to open in 2016.
There remains a vast reservoir of players in China who have to date not visited Macau and there is still good potential for medium term business, he said, adding that revenues were likely to remain "choppy" for most of 2015, but would level out towards the end of the year.
Macau's troubles should be viewed in perspective, he observed, noting that despite the recent decline in revenues, these are still in excess of the US gambling market.
* The rise of daily fantasy sports has prompted the AGA to consider the possibility of its members becoming involved in the phenomenon and the best way to do so, Murren revealed, asserting strongly that despite opinions to the contrary - and federal law exemptions - this is a form of gambling.
He explained that due to uncertainty on the regulatory front the Association has so far steered clear of entering this commercial sector, but opined that it could not be ignored.
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Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
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