NUTS: Wynn Resorts and PokerStars have announced their new partnership in hopes of expanding the passage of frederal legislation to regulate online gambling. Wynn Resorts is well known for owning and operating Wynn Las Vegas, Encore and Wynn Macau. PokerStars is famous for being the world's largest poker site. If everything goes as planned, Wynn Resorts hopes to create PokerStarsWynn.com as the outcome of the joint effort.
It is no secret that PokerStars is clearly legal in a lot of European nations; however, in the United States the laws can be a little hazy. CEO of Wynn Resorts, Steve Wynn, mentions "We must recognize that this activity (Internet gaming) is occurring and that law enforcement does not have the tools to stop it. As a company that has safely conducted gaming in the U.S. for more than 40 years, we believe that the same can be done for poker on the Internet." Steve Wynn believes and urges that laws become more obvious in this field, with Internet poker being legal. PokerStarsWynn will aide in this process.
Chairman and founder of PokerStars, Mark Scheinberg, is cautiously optimistic that PokerStars Wynn is the beginning of the U.S. getting closer to the European nations. Scheinberg says "(PokerStars) has been endorsing the adoption of the same approach in the United States for years, with this alliance representing a critical step in that direction."
Another positive outcome of PokerStarsWynn is the possibility of creating hundreds and even thousands of jobs. Wynn states that “...it is time that the thousands of jobs created by this business and the potentially significant tax dollars come home to the U.S." We all know how bad the economy is right now in the United States, so PokerStars Wynn could really help provide a number of unemployed citizens with jobs.
Mark Scheinberg full-heartedly agrees with Wynn's statement on bringing more tax money for the government and jobs for the unemployed. Scheinberg states “We have long supported the enactment of local regulatory regimes that protect consumers and provide valuable tax revenues and jobs. PokerStars is closely regulated in many European countries and it has been endorsing the adoption of the same approach in the United States for years, with this alliance representing a critical step in that direction. We are excited about the opportunities that partnering with Wynn, a pioneering leader and innovator in gaming, will present for PokerStars in the United States. These opportunities include the rapid ramp-up in hiring of a large number of professionals in this growing global technology and services sector that will benefit from US talent to keep up with global demand.”
PokerStars Wynn will have the opportunity to mimic European strategies when it comes to Internet gaming. It is a major success there and should be in the U.S. as well if implemented. PokerStars Wynn isn't the only big online poker and B&M casino merger being discussed lately, the announcement of the Full Tilt Poker Fertitta Interactive merger has people talking as well. One can only assume something big is about to happen.
Wynn and Scheinberg's PokerStarsWynn have paved the way for other companies to try the same approach to legalize Internet gaming once and for all. It will be interesting to keep an eye out on the progress this partnership makes in helping gaming laws be fully understood. Not all of the details or the outcome is certain right now, but there is hope.
BEATS: It's not sure how the PokerStars Wynn merger will develop or how long before they launch. Stay tuned for updates.