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Caesars Entertainment Corp. Chairman Gary Loveman, speaking during the company's third-quarter earnings conference call with analysts, said he believed his casino operation would have an Internet poker site up and running within 12 to 14 months of legislation passing in the US. He also balked at the idea that the industry would take in a mere $5 billion.
"I consider $5 billion to be a conservative figure," Loveman said.
He noted that the World Series of Poker, which is owned by Caesars, paid out roughly $209 million in prize money to players.
"That's about $10 million more than the payroll of the New York Yankees," Loveman said. "And a much better bang for the buck."
A second House Subcommittee hearing is scheduled in the coming week to review online poker and its potential boost to a sagging US economy.
- Aaron Goldstein, Gambling911.com
