Gary Loveman, the chairperson of Caesars Entertainment, expects that his company will be able to establish a poker website after securing licensing – within a year or so. Loveman discussed the third quarter earnings of his company recently in a conference. He also talked about the proposed online poker legalization bill in the same conference.
Loveman not Keen on Signing Any More Deals
It has been stated by Loveman that his company already has quite a few deals in place. He doesn’t think signing any more deals is necessary at this point. By entering into further deals, the revenue that the company currently earns from online poker can reduce. One of the partnership relations that Gary Loveman signed is with 888 Holdings. 888 Poker is a UK based gambling company with which Caesars Entertainment partnered earlier this year. Through the partnership deal, Caesars Entertainment runs online gambling sites in the UK, Italy and France.
Caesars to be One of the First Few Companies to Support Online Poker Regulation
As claimed by its chairperson, Caesars is one of the initial few companies to embrace the legalization of online poker. In the race to being the first poker site to be licensed by the US, Caesars Entertainment is at par with Boyd Gaming and MGM Resorts International which entered into a joint venture with Bwin.party Digital recently. Bwin.party is the parent company of the well-known poker site, Party Poker. However, the plans of the companies to offer online poker are subject to its legislation by US lawmakers. This will allow land based operators to enter the online gambling market.
Loveman stated that his company is ready to offer online poker to customers. He urged the Congress to pass the proposed online poker bill so that Caesars Entertainment is able to proceed with its plans. Analysts speculated that the potential revenue from online poker in the US is $5 billion a year. The estimated figure is considered to be a conservative one by Loveman.
Caesars Entertainment Operated WSOP Tournaments Paid Out Massively to Players
WSOP tournament is owned by Caesars Entertainment. The tournament concluded recently with a German player, Pius Heinz winning the Main Event. The player earned about $8.7 million on his win. Approximately $209 million has been paid out by the event to its top players. Loveman stated that the amount paid by WSOP is much more than what top sports teams get.
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