Seems like some big time land-based casino operators in the U.S. are preparing for the day when they can enter the online casino business.
It’s gonna happen someday, despite opposition from U.S. conservative groups.
You know, the ones that run bingo games in their facilities (hypocrites).
Meanwhile, there is a gambling bill mired in Congress. And the expectation is the online gambling in the US will be legalized sooner than later and one should be ready for it.
Trump Entertainment Inc. and the Avenue Capital Group have filed statutory documents with the Securities and Exchange Commission to establish a joint online gaming venture.
Trump Entertainment had filed for bankruptcy in 2009 and was taken over by global investment firm Avenue Capital Management.
Avenue Capital holds 22% stake in Trump Entertainment, while Donald Trump has retained 10% for the right to continue using his name.
Ivanka Trump, Donald’s daughter, stated in an interview to Bloomberg News that Avenue Capital would provide the required funding and her father would contribute his name.
Ivanka said, “The joint venture is positioning itself to be the largest online gaming company if the USA industry is legalized. In terms of the Internet, brand is essential toward attracting players, the Trump brand would be the most powerful one in this space.”
Elsewhere, Forbes magazine has stated that Jim Ryan, joint chief executive of bwin.party digital entertainment, has been doing the rounds of investors in the United States.
Formed through the merger of Bwin and PartyGaming, bwin.party is the largest listed online gambling operator in the world.
Others are gearing up too.
So hold on folks. Legalization is definitely going to happen.
Why? Because states need money and online casinos, online gambling can bring in millions.