Fortune Magazine Covers US Market
Former Mirage Resorts executive, Richard Bronson is now the owner of U.S Digital Gaming. Bronson believes that internet gambling would soon be legalized and regulated in the United States.
He predicts that there will be a demand for software and advertising services to internet casinos, this is the service his company intends to provide. Since internet gambling legalization is such a hot topic in the U.S at the moment particularly internet poker, Fortune magazine recently did an article how billionaire businessmen in the U.S are venturing into it. The magazine interviewed Bronson to hear his feedback.
Bronson said that many billionaires have expressed their intentions to invest in his new business. Bronson told Fortune, “Not one of them thinks this will be a sprint, they think it will be a marathon.” Bronson named real estate guru Steven Roth, shopping mall tycoon Herbert Simon and wealthy heirs Robert and William Taubman. The interesting part is that none of these affluent businessmen are connected to the gambling industry.
The Fortune magazine article stipulated that whoever moves first into this market has a critical advantage. Hence the reason so many U.S billionaires are interested in investing although internet gambling is not legalized yet. Fortune listed numerous initiatives that are in the public domain already. The latest partnership mentioned is between Donald Trump and billionaire hedge fund magnate Marc Lasry of the $12 billion Avenue Capital Group.
The Fertitta Interactive agreement signed last week with Cyberarts is mentioned as well. Station Casino group billionaires Lorenzo and Frank Fertitta own Fertitta Interactive. Fertitta had dealings with Full Tilt Poker, but after the Black Friday indictments cancelled the agreement. Steve Wynn cancelled a similar deal with PokerStars. Wynn did not mention who will replace PokerStars.
Caesars Entertainment is also covered by the Fortune magazine article. Previously known as Harrah’s, Caesars Entertainment was purchased in 2008 by private equity firm Apollo Global Management and TPG in a $30 billion leveraged buyout. Apollo is managed by billionaires Leon Black, Joshua Harris and Marc Rowan and billionaire David Bonderman owns TPG.
Caesars Entertainment has invested a substantial amount of cash in its internet gaming operations and wholly supports a new Washington D.C. lobbying effort that includes former FBI Director Louis Freeh. The article ends, “If internet gambling in the USA is legalized, it would definitely benefit Black and Bonderman, two investing legends, get out of a tough spot.”
With the amount of cash ready and available to be pumped into internet gambling, surely it is a matter of time not if but when internet gambling is fully legalized in the United States again.[addtoany]