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Harrah's Entertainment CEO Looks to Future With Online Gambling

Legalized online poker would offer Harrah's a new revenue stream that potentially would generate hundreds of millions without the huge capital investment required by land casinos.

Play Now at Golden Casino! Harrah's Entertainment CEO Gary Loveman sees online poker's legalization as a strong possibility in the United States following the election. Even as the Bush Treasury Department moves to finalize regulations preventing payments to and from online casinos, Loveman says he sees good prospects for online poker.

He admits that he isn't as sure about other online gambling games. Loveman notes that the incoming Congressional leadership contains no members "violently opposed " to the process of Internet poker.

Loveman's statement comes as Harrah's Entertainment announced a net loss of $129.7 million for the third quarter of the year. The company faces major cost-cutting and layoffs to attempt to stem the bleeding of recent months.

Harrah's has lost $415.1 million in the first nine months of 2008. In 2007, the same nine months resulted in profits of $667.2 million.

Harrah's is the owner of the World Series of Poker brand, the best-known name in the poker business. Legalized online poker would offer Harrah's a new revenue stream that potentially would generate hundreds of millions without the huge capital investment required by land casinos.

There is speculation throughout the online casino industry that the major land-based casinos are adjusting their views regarding Internet gambling. While past policy of most land casino companies was to oppose any legalization of online gambling so as to avoid competition, new economic conditions have caused fresh thinking.

Sherman Bradley, Online Casino Advisory's senior gaming analyst, says, "Land casinos are unable to come up with the credit needed to continue their excessive building sprees, and budget-conscious customers are no longer traveling to fill their hotel rooms. Using their brand power at online gambling sites is a potential way for them to bring financial health back to their companies."

As Democrats examine various bills proposing the legalization and regulation of Internet casinos, the lobbying by such companies as Harrah's, MGM Mirage, and Las Vegas Sands may shift to pushing for the bills to pass.

Published on November 8, 2008 by MattMiller

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Recent Comments

Posted by: Ada L. CauleyWhen: 04/08/2009 05:11:02 PM EST
To Whom It Concerns;
About four or five years ago I had Self-Exclusion put in place thinking this was a problem; with the understanding it was for one year. After the one year I could be removed from the list upon request. I have try to get my name off the list to no avail. This has taken place in Bossier City, La.I have since learned my problem is not the Casino's but, in fact depression. I suppose this could be a problem for anyone who has lost a spouse thru death.
I have three sister's who goes out to Harrah's at least once every six weeks or so. And want me to go out with them but, as it stands I cannot go into Harrah's.
From what I have read, self-exclusion remains in effect for an indefinite period. Not a life time. Any help in this matter would be greatly appreciated.
Can you please remove my name from the list.

Thank You Very Much

Ada L. Cauley