Land Gambling Executive Talks About Online Gambling
Jim Murren, the chairman and CEO of MGM Resorts International, had some interesting thoughts to share on online and social gambling during his media conference concerning his companys release this week of the third quarter results for 2013.
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According to Murren, on the scene of social gaming MGM had a signed partnership with Andrew Pascal, the Wynn Resorts executive, whom he regarded very highly. The partnership has led to the creation of MyVegas, a website on Facebook that had reported good results related to usage and players claiming their prizes from virtual wins for mortar rewards and real bricks.
Murren also revealed that there is a mobile application in development and it will be launched soon.
Turning to Nevadas intrastate online poker, Murren reiterated the view of his company that a business such as this one confined only to Nevada was not a profitable endeavor because of insufficient player liquidity, and that is the reason why MGM has decided not to launch the site.
Additionally, MGM had always been in favor of a federal rather than an individual state solution in respect to online poker, said Murren, and admitted that his federal legalization optimistic has faded greatly as Congress was not successful to deliver.
To us it all looks like that that is a lost opportunity, said he.
On the upcoming launch of a wider online gambling market in New Jersey, Murren was more positive, and added:
New Jersey is concentrating of full-on games and leading the charge to them. That helps us to reach the conclusion that our states best solution is for the state of Nevada to assume its leadership position as a jurisdiction for regulation; that it is in need to possess a complete suite of games and be capable of creating compacts with other states in order to increase the overall visitation to all of the sites and liquidity pools. In my opinion this will happen in near future.
MGM is quite capable of making entry into the market of New Jersey via partnerships with the experienced online betting group from Europe, Bwin.Party Digital Entertainment and Boyd Gaming, and according to Murren, the partners claim that they will remain active in the individual state regulatory process.
In similar news on Friday, the Press of Atlantic City announced that New Jersey state approval has been received by more than four dozen companies and they are ready to start working with Internet gambling permit holders and casino licensees.
The Gaming Enforcement Division of New Jersey showed a list on Friday that quoted 54 companies as having been allowed to sign agreements for the provision of ancillary services or act in the role of online gambling vendors.