Gary Loveman, CEO of Caesars Entertainment, is a well-known proponent of legal online poker sites in United States. He recently shared his optimism about the upcoming legislation changes at the company’s financial results briefing.
Caesars enjoyed a 12.8 percent rise in profits after an effective cost-cutting program, organizational restructuring and efficiency initiatives. The company operates in full compliance with American gambling laws and is heavily involved in lobbying the necessary regulation change to legalize online poker in the country.
During the course of the briefing Loveman compared the prize pool of World Series of Poker, currently approaching its finale, to the payroll of the New York Yankees. The 2011 WSOP prize pool is greater than the payroll of the entire baseball team.
Loveman went on to express optimism about the legalization of online poker on a federal level. His modest estimates of the American online poker market put initial revenues at around $5 billion a year.
He told United States gambling news, that once the legalization takes place, Caesars will need around 14 months to take full advantage of online poker market.
He described competitors’ interest in the online poker market as a good sign. He mentioned companies including MGM, Fertitta Interactive and Boyd Gaming as the ones looking into online gaming prospectives. Growing interest from other land-based gaming corporations could only drive the legislators to a quicker positive decision on the matter.
Caesars Entertainment is one of the first companies to become interested in the online sector and is already involved in European online gambling operations via various partners.
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