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Gary Loveman, CEO of Harrah’s Entertainment, has his finger on the pulse of the gambling world.  He is certain that the new administration will usher in legalized and regulated online casinos and Internet poker.  He is well aware that the Bush Treasury is doing its best to implement the Unlawful Internet Gambling Enforcement Act in the last days of the administration, but Loveman sees the great possibility of change when Barack Obama officially begins running the show in January of 2009. 

Loveman is the first to admit that he has no way knowing for sure what the Obama administration and the Democratic majority in Congress will do, with regards to online casinos, but he has observed that there is no member of Congress “violently opposed” to online casinos and Internet gambling.

According to Loveman, Harrah’s Entertainment has suffered a net loss of $129.7 million in the third quarter of 2008.  In order to curb the losses of the past few months the company is faced with the unfortunate prospect of layoffs and major cuts in cost.  The first nine months saw a net loss for Harrah’s Entertainment of $415.1 million.  This is compared to the same nine months of 2007 that brought the company a net gain of $667.2 million.  

The World Series of Poker is owned by Harrah’s Entertainment and is the best known brand in the poker business.  If Harrah’s were to get involved once online casinos and online poker were legalized in the United States, it would create an additional revenue stream the has the potential of generating hundreds of millions of dollars.  Cost of maintaining the online casinos would be refreshingly cheap in comparison to the cost of maintaining one of Harrah’s brick and mortar venues.

 

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