Nevada Casino Owners Optimistic About New Legislation
March 11th, 2013 by Site Admin
Executives from some of Nevada’s most prominent casinos are enthusiastic about a new law that legalizes interstate gambling. Stock shares for Las Vegas Sands, Caesars and other casinos rose sharply after Governor Sandoval signed the new bill late last week.
Most casino owners believe that they will be able to increase their revenues by providing online gaming services to citizens in Nevada. They will be able to expand their businesses even further by reaching customers in other states.
Michael Lawton, senior research analyst for the Nevada Gaming Control Board, said that the state’s gaming industry is slowing starting to improve. Gaming revenues increased 1.5% last year. Lawton finds current revenue growth encouraging, but believes that the industry will recover much more quickly when the state’s online gaming industry starts to gain traction.
The six founders of Zynga are encouraged that Nevada has taken the initiative to pass a bill that would allow them to form compacts with other states. They have been hoping that federal lawmakers would pass a bill that would legalize interstate gambling, but those efforts stalled last year. Most experts are pessimistic that a federal bill will be passed in 2013.
Although Nevada’s new law is promising for Nevada’s casinos, other milestones will need to be reached before they can offer their services across state lines. Future gaming compacts are also contingent on other states passing online gaming bills that permit interstate gambling.
Delaware is the only other state that has passed an online gaming bill. The gaming regulators from both states have expressed an interest in forming partnerships with each other. New Jersey could be the third state to pass an online gaming bill this week, but Nevada views the Garden State more as a potential competitor than a prospective partner.
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