Gary Loveman, CEO of US terrestrial casino giant Harrah's, believes online gambling will be legalized in the US.
In an interview with the Reuters news network, Loveman was pessimistic about the near term fortunes of Las Vegas, but upbeat about the possibility of regulated online poker in the US, and Harrah's strong position to capitalize on this.
Legalization of online poker in the US would generate billions of dollars for US operators, and as owners of the World Series of Poker brand, Harrah's, 'would enjoy a substantial portion of that,' said Loveman. He went on to say that he believed current draft legislation before Congress (aimed at regulating online gambling in the US) stood a good chance of success because of the tax revenue and jobs that would result.
Harrah's have already signaled their strong online ambitions, launching Caesars online casino and their WSOP poker brand online in Europe.
Harrah's will be eager to generate additional revenue streams in the wake of a continued slump in business in the company's stronghold - Las Vegas. Revenues are down 3% quarter on quarter from last year, continuing a downward trend since 2007, as visitors to Vegas and average spend per visitor remains low in the wake of the GFC.
Harrah's posted a Q1 2010 loss of almost $200 million.
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