LAS VEGAS -- Online poker is one of the fastest-growing online industries and now there's a move to legalize it in Nevada. Would it help or hurt local casinos?
The numbers don't lie; online poker is raking in fans and revenue. "Online poker has been among the fastest-growing industries in the world with 8.6 million active players with 2010 revenues estimated in excess of $5 billion," said Jeremy Aguero, Applied Analysis.
Assembly Bill 258, backed by pokerstars.net, would legalize Internet poker allowing a suitable online gaming company with two years of established business in another state to set up shop in Nevada. It also applies to existing Nevada casinos.
"Wouldn't players all over the world rather play at Caesar's online with all the confidence of being a Nevada regulated entity, or Joe's online casino from Aruba?" said Richard Perkins, a local businessman who helped draft the bill.
Proponents of the bill say it would create 1,900 new jobs with an average salary of $65,000 a year bringing total annual revenue to more than $100 million. The fear is it will hurt the bricks and mortar casinos.
"You don't have that person physically in the building. You're not eating in the restaurants, they're not drinking in the bars, they're not taking in a show or any of the other ancillary activities that are proudly displayed in our resort corridor," said Peter Ernaut, a lobbyist for the Nevada Resort Association.
"It's a different game totally. I prefer to play live at the poker room, but if I'm able to play online from Toronto, I would, no problem,." said Joe Kolosimo, who is visiting from Canada.
"It is cheaper, you don't have to travel to come here to play, if you could play online I think you would see quite a few people doing it," said Graeme Lavellee, who is from Winnipeg.
MGM Resorts and Caesar's Entertainment do not support this bill. They support a uniform federal law governing Internet poker. Senator Harry Reid proposed it in the Senate last year but it went nowhere.
