Caesars CEO Gary Loveman: Legalize Online Poker

Legalize it.

Interesting / encouraging read in CNN Money today.

Caesars Entertainment CEO Gary Loveman submitted a piece on how the DoJ indictments has created an opportunity for the Government to benefit from the regulation of online poker.

Writes Loveman:

Online poker is currently illegal in the U.S. and, as a result, the $6 billion industry has developed overseas, catering to the wishes of millions of Americans playing from their homes in Ohio, California, Mississippi and every other state. That’s crazy.

He continues to sketch out a compelling case on why the U.S. should repatriate funds–and makes it clear Caesars prefers regulation to occur at the Federal, rather than the State, level. Particularly, he makes the case on how States would benefit from Federal legislation:

From an economic standpoint, if Congress were to clarify the law on Internet poker, the biggest winners would be the states. That’s because the legislation being considered would give states the opportunity to share in the growing global online market, and in so doing, generate millions in new revenues to help prevent tax increases, cuts in education, law enforcement, care and other critical services.

Read in full here.

 

4 Responses

  1. Andrew

    April 26, 2011 11:28 pm, Reply

    WCP – great job of covering this fallout and the road (long as it will be) to legalization!

    My earlier comment was lost but I mostly talked about how difficult it will be to get anything passed in this 112th Congress because of the Republicans holding powerful committee chairmanship’s.

    I am wondering whether you guys can touch upon the obstacles more explicitly. The obstacles being Finance Comm. Chair Spencer Bacchus (R-AL), Maj. Leader Eric Cantor (R-VA) who – among other things – thinks we should balance the budget by choking off welfare. Along with House Ways and Means Chair Dave Camp (R-MI) and Judiciary Chair Lamar Smith (R-TX). All of these men are very socially conservative and have no interest in seeing legalization.

    These are men who believe in electric fences to control immigration. They think marriage is off-limits for gay people, they vote against bans on assault rifles or any sort of background check to get a gun. They are anti-abortion and have made veiled threats at reversing Roe v. Wade. In short, these are very backward people.

    How can Barney Frank (openly gay, though I doubt this matters much) and Harry Reid and other sponsors of a bill to regulate online poker get anything past these guys in committee? Can they even get this bill to a vote? How powerful are these guys and how can that power be circumvented?

    And lastly, does the PPA think about these things? Here’s hoping…

  2. Chinaman

    April 27, 2011 4:19 am, Reply

    Loveman is a snake and as such everything he says needs to be taken with a grain of salt. It’s clear his hope for regulation isn’t to promote online poker, but to squash online sports betting and online casino gaming. Obviously, even with the banning of the three biggest poker sites, online gambling isn’t going away. Be sure, if there was a way to eliminate online gambling all together Loveman would be balls deep. Aside from resort mergers, no one has hurt gaming more in both Las Vegas and Atlantic City than Loveman. That is not hyperbole.

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