An often quoted remark from a successful American businessmen keen on the internet poker market
Even US billionare businessmen got interested and involved in the legalisation of online poker in the USA. According to the respected Forbes magazine story, Richard Bronson, US Digital Gaming's founder and a former Mirage Resort executive, saw an opportunity to provide software and advertising services to gaming operators hoping that regulated online gambling would progress in the US.
Bronson thinks that many well-known billionaires are interested in investing in his new business, mentionioning real estate guru Steven Roth, shopping mall magnate Herbert Simon, and wealthy heirs Robert and William Taubman. “They are all in it for the long haul,” said Bronson, adding the quotable quote: “Not one of them thinks this will be a sprint, they think it will be a marathon.”
The article has also discussed current legalisation initiatives and the online market as well, pointing out that first-mover advantage is being widely sought, thus increasing the momentum for regulated and licensed US industry. A few joint venture agreements were mentioned, eg. Donald Trump and billionaire hedge fund mogul Marc Lasry of the $12 billion Avenue Capital Group.
Some less successful deals were Steve Wynn's exit from a deal with Pokerstars earlier this year. It was a consequence of Black Friday and since then Wynn has not revealed any replacement plans but as he was outspoken in his support for legalised online poker in the US, he would probably consider other options.
The lateast is Fertitta Interactive agreement signed last week with Cyberarts by Station Casino group billionaires Lorenzo and Frank Fertitta, after their prior unsuccessful attempt to unite with Full Tilt Poker which also failed because of the Black Friday. In his statement in October, Lorenzo Fertitta said: “Fertitta Interactive fully supports the federal regulation of online poker in the United States.”
Also, Harrah's Entertainment (now Caesars Entertainment) was acquired in 2008 by private equity firm Apollo Global Management, run by billionaires Leon Black, Joshua Harris and Marc Rowan, who joined with fellow billionaire David Bonderman's TPG in the $30 billion buyout. But "The deal has so far not been a good one," since Black and Bonderman are still trying to make it work.
"The company, now called Caesars Entertainment, has been investing heavily in its online operations and backing a new Washington D.C. lobbying effort that includes former FBI Director Louis Freeh. If online gambling in the U.S. opens for business, it would certainly help Black and Bonderman, two investing legends, get out of a tough spot," it is assessed in the article.
Your feedback
Please enter your comment.
Your comment is added.
