Steve Wynn Remaining Cautious On Internet Gambling Debate
The debate of legalizing online gambling in the U.S. is always interesting to follow as it is barometer of the global gambling industry. With New Jersey officially launching the debate of the moral and financial aspects of online gambling are once again in the headlines. Our regular readers are well aware of the anti-online gambling campaign Sheldon Adelson is planning. His plans to spend millions on lobbyists and lawyers to influence Congress to stop legal internet gambling has got many asking if anyone can stop the ball rolling.
The latest casino mogul to throw his hat in the online gambling debate is that of Wynn Resorts Chairman Steve Wynn. Speaking to the Las Vegas Review Journal, Wynn surprisingly did not attack Adelson for his definitive opinion on internet gambling. One would expect Wynn to be in favor of legalizing online gambling especially in light of the fact that they have partnered up with Caesars Entertainment Corp. in New Jersey in launching real money online poker.
Despite this partnership Wynn said,” I’m not sure as I stand here where online gaming is going. Within the state of New Jersey it’s legal. Its status in America is much in doubt.”
Wynn also pointed out the futility of banning pastimes that will be undertaken despite the illegality. The age of Prohibition is the classic example. With billions of dollars being spent on illegal online gambling in the U.S. it makes sense to legalize it and enjoy the tax revenues.
Commenting on Adelson’s crusade to ban online gambling Wynn said,” I think it’s questionable whether Sheldon will be able to stop it, which is not to say he is wrong, just think this sort of thing has a life of its own. I‘m neither a proponent nor opponent of it. I’m an observer of this process and the chairman of a publicly traded company that is required to pay attention to such things.”
This cautious approach to internet gambling by Wynn despite their involvement with Caesars’ WSOP online poker brand is just another indicator of the complexity of legalizing online gambling in a market which has no nationwide policy.