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#1
11-15-2007, 05:55 PM
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Harrah\'s and MGM\'s CEOs say Internet poker to explicitly legal soon
Gaming officials say they're ready to bet on the Web
www.lvrj.com/business/11339181.html By ARNOLD M. KNIGHTLY REVIEW-JOURNAL Gaming companies are well-positioned for the eventual spread of legalized Internet gambling to the United States, top executives of the world's two largest casino operators said Wednesday during a panel discussion at the Global Gaming Expo. Terry Lanni, MGM Mirage's chairman and chief executive officer, said the company's first venture into Internet gaming may have been unsuccessful financially, but it laid the groundwork for the company to return when the time is right. "We closed the operation down with the thought that we know what we're doing, and we're prepared to do it if and when it becomes legal here," Lanni said. The company set up an Internet gaming site in 2001 in the Isle of Man but quickly folded the operation. The site lost money because the company elected to undergo a more stringent registration process than its competitors. However, the endeavor helped the company work out problems that will be useful when relaunching, such as how to determine a bettor's age and location and how to protect problem gamblers. Lanni and Gary Loveman, Harrah's Entertainment's chairman and CEO, agreed that Internet poker will be legalized ahead of other casino games, partially because of its popularity. Loveman predicted online poker would be legalized in the United States in the next 18 months to two years. Lanni predicted 12 months to 18 months. Harrah's, which owns the World Series of Poker brand, is already looking at the possibility of establishing branded online sites in jurisdictions that clearly allow online gaming, which includes many Caribbean countries and many members of the European Union. However, the two executives greatly differed in their opinions about the possibility of legalizing other online casino games. Loveman, noting that there is little support for online casino games beyond poker, thinks online casinos are eight to 10 years away. Lanni believes it will happen sooner than that, although he did not give a time. Lanni also said casino companies will be able to make up for time lost to the many of foreign online sites now in operation because they will be able to bring sense of comfort to users familiar with their brick-and-mortar properties. "The issue is people want some form of comfort (on the Web)," he said. "If you know it's a Harrah's or a major brand, they can feel more comfortable." The U.S. Justice Department under the Clinton and Bush administrations has enforced Internet gaming laws under the 1961 Wire Act, which prohibits the use of phones for sports wagering, horse wagering and the transmission of betting odds. 
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#2
11-15-2007, 06:01 PM
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Re: Harrah\'s and MGM\'s CEOs say Internet poker to explicitly legal soon
Let's just hope they use tiltware type software. I hated party's SW.
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#3
11-15-2007, 06:24 PM
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This is 100x more important than any Hearing or iMega posts
The timeline described here is in line with what these two companies have been saying privately and what their tech guys have said.
Similarly, the split between them, over "poker only" v. "everything" is longstanding. Clearly, Harrahs wants its brand value in WSOP enhanced ASAP, Lanni does not want to fire off too much political capital for less than "everything". Thanks for the report.
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#4
11-15-2007, 06:39 PM
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Re: This is 100x more important than any Hearing or iMega posts
[ QUOTE ]
This is 100x more important than any Hearing or iMega posts [/ QUOTE ] I agree that this is huge for us. I think it's those other posts (and the work behind them) that led to this, as the groundwork was laid. I hope this means MGM and Harrah's will start putting their weight behind making this happen.
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#6
11-15-2007, 06:41 PM
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Re: This is 100x more important than any Hearing or iMega posts
Hearing and PPA efforts, yes.
iMEGA, definitely No. Incidently, D'Amato was scheduled to be on the same panel. Any PPA insight into his remarks or from him ?
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#7
11-15-2007, 06:53 PM
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Re: This is 100x more important than any Hearing or iMega posts
This is awesome...
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#8
11-15-2007, 07:00 PM
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Re: This is 100x more important than any Hearing or iMega posts
[ QUOTE ]
Hearing and PPA efforts, yes. iMEGA, definitely No. Incidently, D'Amato was scheduled to be on the same panel. Any PPA insight into his remarks or from him ? [/ QUOTE ] I haven't heard anything. I'll let you know if I do.
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#9
11-15-2007, 07:43 PM
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Re: This is 100x more important than any Hearing or iMega posts
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#10
11-15-2007, 07:47 PM
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Re: This is 100x more important than any Hearing or iMega posts
[ QUOTE ]
Carl Icahn must like Harrah's future... http://money.cnn.com/news/newsfeeds/...3-21012305.htm [/ QUOTE ] It does appear all the signs are in place.
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