The AGA and Online Gambling

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Interesting article in Forbes this week:

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Interesting article in Forbes this week:

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FWIW:

How The Las Vegas Casino Companies Became The Champions Of Online Poker In America

Nathan Vardi, Forbes Staff
Following the money trail

In December 2008, with their stock prices crashing and their companies struggling under mountains of debt, the captains of the U.S. casino industry headed to the Las Vegas offices of IGT for a critical board meeting of the American Gaming Association. There were some huge egos in the room and the topic under discussion was whether their powerful lobbying group would change its position on Internet gambling. For years the industry had essentially opposed it, fearing cannibalization of the casino business and that the dark corners of cyberspace would be impossible to regulate. Some in the room, however, like Gary Loveman, chief of Harrah’s Entertainment, were pushing for a new policy. Loveman found himself vigorously opposed by billionaire Steve Wynn, who won the battle since the AGA’s bylaws required unanimity. “I jokingly say I was neutered on Internet gaming,” says Frank J. Fahrenkopf, Jr., the chief of the AGA. “But the rest of the world was not waiting for the casinos or Congress.”

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