On September 19, 2013, Caesars Acquisition Company became the second entity to offer real money online poker since its legalization in the state of Nevada earlier in February that year. Mitch Garber, CEO and President of Caesars Interactive Entertainment and CEO of Caesars Acquisition Company, is positive that laws regulating online poker will change very soon, and more states will follow suit in the fight for legalizing online gambling. Garber has likened the early stages of online gaming legalization to the early days of land-based gaming. Nevada, followed by New Jersey, followed by a domino effect across the United States and internationally.
In late 2013, Garber oversaw the IPO of Caesars Acquisition Co. (Nasdaq; CACQ), adding landbased casinos to the online/interactive portfolio. CACQ went public at $8.64 and now is a multi-billion dollar entity, which includes 6 casino properties, CIE, and a portfolio of bonds. Garber has repeatedly spoken about convergence and cross marketing to the next generation of Las Vegas customer who today is demanding to do almost every commercial activity they can do offline, online. The digital distribution of brands and the ability to have land-based visitors become familiar with our apps and play them at home, and to have our app customers come visit our casinos is an area Caesars is leading and can win over the long run.
In a CNBC interview during the NJ online-gambling field-test run, Mitch Garber assured the public that a proven model of online gambling success can already be seen in Australia and the UK, where online gambling does not cannibalize land-based casinos. In fact, Garber asserts that while online poker was growing in revenue pre-UIGEA, data shows land based gaming revenues simultaneously increased on the Las Vegas strip, and that WSOP main event participation increased tenfold. Garber sees California as the next most-likely state to legalize online poker, and points out that Caesars partnership with the Pachanga tribe in California, is a winning combination. Garber says that online gaming is a multi-billion dollar business, and Caesars is very “bullish” as to what this means. Albeit a slow process, the Caesars CEO sees bright prospects for pro-online gaming legislation to be adapted in several states.
To learn more about Caesar Interactive ventures, visit http://www.mitchgarber.com
In late 2013, Garber oversaw the IPO of Caesars Acquisition Co. (Nasdaq; CACQ), adding landbased casinos to the online/interactive portfolio. CACQ went public at $8.64 and now is a multi-billion dollar entity, which includes 6 casino properties, CIE, and a portfolio of bonds. Garber has repeatedly spoken about convergence and cross marketing to the next generation of Las Vegas customer who today is demanding to do almost every commercial activity they can do offline, online. The digital distribution of brands and the ability to have land-based visitors become familiar with our apps and play them at home, and to have our app customers come visit our casinos is an area Caesars is leading and can win over the long run.
In a CNBC interview during the NJ online-gambling field-test run, Mitch Garber assured the public that a proven model of online gambling success can already be seen in Australia and the UK, where online gambling does not cannibalize land-based casinos. In fact, Garber asserts that while online poker was growing in revenue pre-UIGEA, data shows land based gaming revenues simultaneously increased on the Las Vegas strip, and that WSOP main event participation increased tenfold. Garber sees California as the next most-likely state to legalize online poker, and points out that Caesars partnership with the Pachanga tribe in California, is a winning combination. Garber says that online gaming is a multi-billion dollar business, and Caesars is very “bullish” as to what this means. Albeit a slow process, the Caesars CEO sees bright prospects for pro-online gaming legislation to be adapted in several states.
To learn more about Caesar Interactive ventures, visit http://www.mitchgarber.com
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