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Top Executives Discuss Online Gambling

Even Las Vegas Sands knows it's coming....
Top US gambling industry execs shared their thoughts on the advent of legalised online gambling during a session at the Global Gaming Expo in Las Vegas Wednesday, following a key note address in which American Gaming Association chief Frank Fahrenkopf urged federal legalisation
Covering the event, the Associated Press news agency noted that the consensus was that Internet gambling is inevitable and that U.S. companies and customers are vulnerable to overseas Internet poker operations.
"But the chief executives of Las Vegas-based MGM Resorts International and Las Vegas Sands Corp. differed during a keynote panel discussion with four other industry leaders about whether states or the federal government are best able to provide oversight," the service reports.
Las Vegas Sands owner Sheldon Adelson has become well known for his antipathy to online gambling, but even his Las Vegas Sands chief Michael Leven admitted that despite Adelson's fears: "We know it's coming."
Leven said he agrees with Adelson that individual states, not the federal government, should adopt regulations, a preference at odds with most of the big land operators and the AGA, which favours a federal solution.
"We have concerns about any bill that's going to add more people to the federal government," Leven said. "I'm a state's rights guy. We don't like to see the government getting any bigger."
However, he stressed that Adelson - a massive contributor the Republican Party political coffers - hasn't been lobbying for his position on Internet gambling.
Leven took a more cautious and perhaps pessimistic approach to other panelists, saying: "We believe that when everyone gets into it, the cost of acquisition will go up and profitability will go down. So it's not going to be a free lunch."
MGM Resorts International chief executive Jim Murren said his company supports the American Gaming Association position that the federal government should adopt regulations to protect U.S. customers, thus avoiding an inconsistent patchwork of different state requirements.
"We believe we can make money on this and are embracing it as an opportunity," said Murren.
"We will not be Amazoned," he added, referring to the drastic impact online sales from companies such as Inc have had on traditional firms.
Gambling equipment makers on the panel said they saw opportunities for their businesses, with Internet poker introduced around the world and other casino games following.
"Don't think of it as threatening," said Patti Hart, chief executive of International Game Technology. "Think of it as layering. It allows the industry to grow again.
"The gambling industry has always done a great job of reinventing itself. To grow again in the U.S., it's critical," she opined.
Brian Gamache, president and chief executive of WMS Industries said his firm has been doing business in the United Kingdom for three years. He called Internet poker a "stalking horse" that attracts players who later turn to other games that are more profitable for operators.
"Online gaming is here. Our biggest challenge is converting the 25 to 35 year old to becoming participants in our industry," said Gamache.
Walter Bugno, the head Spielo International, called customer loyalty and retention the key challenge for companies offering Internet gambling.
"It's only one click of the finger and you're gone," Bugno said.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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