Reconsideration Possible

11/29/2008		Reconsideration Possible
Home History Games News Dictionary		As the new leaders prep to take office in both the Senate and House of Representatives, to accompany Barack Obama’s new presidency come January, the online gambling industry is also preparing for a new group that will hopefully influence decisions in regards to such issues as the UIGEA, and whether or not the Act has any longevity while Democrats are in power. Part of the preparation came in a statement recently made by Frank Fahrenkopf, speaking as CEO and President for the American Gaming Association, to the Global Gaming Expo that was held in Las Vegas, Nevada. His testimonial related directly to the latest actions taken by the Bush administration to rush the institution of the UIGEA before January. Fahrenkopf, however, believes that regulation of online casinos is a means by which some relief can come of the financial crisis, marking it as a potential source of new tax income. “Looking at our industry in hard times, it is a way to provide some revenue for state government,” he said, continuing, “Let’s not kid ourselves, this is not going to clear up tomorrow. Most of the experts are saying this will last well into the next year.” His statement included both an overview of the dire economic status in the US, and then focused on gambling heavy areas such as Las Vegas, pointing out that the State of Nevada alone has accrued a $1 billion debt through 2008. From this viewpoint, legalizing online gambling could very well open a path for additional income to AGA members, with the online gambling industry conservatively estimated at anywhere from $8 to $10 billion a year, and that’s in a weak economy. Once the recession is over, one can see easily how much income and tax revenue is being missed out upon by way of the UIGEA and prohibition. Though Fahrenkopf acknowledges even legalizing internet casinos is not an overnight solution, he emphasized how important it is that AGA members voice their opinions, as the topic is sure to be a hot one come next Congressional year. The AGA is hoping that their voices might be heard loud enough for the Association to form a cohesive opinion, making them stronger in their upcoming lobbying efforts. “[it]… is the issue that will keep us the busiest next year,” he said in Vegas. Fahrenkopf is not the only one who thinks that 2009 might be the year for significant change in the world of online gambling. One of the executives for innovation, gaming and technology on the board of Harrah’s Entertainment agreed with the notion; Tim Stanley made the following claim to the press after Fahrenkopf’s press release; “Each time that there is some sort of shift or change in economies- whether they be state, local, or federal- I think these things get back on the table as far as a rational discussion is concerned.”

11/29/2008

Reconsideration Possible

As the new leaders prep to take office in both the Senate and House of Representatives, to accompany Barack Obama’s new presidency come January, the online gambling industry is also preparing for a new group that will hopefully influence decisions in regards to such issues as the UIGEA, and whether or not the Act has any longevity while Democrats are in power.
Part of the preparation came in a statement recently made by Frank Fahrenkopf, speaking as CEO and President for the American Gaming Association, to the Global Gaming Expo that was held in Las Vegas, Nevada. His testimonial related directly to the latest actions taken by the Bush administration to rush the institution of the UIGEA before January. Fahrenkopf, however, believes that regulation of online casinos is a means by which some relief can come of the financial crisis, marking it as a potential source of new tax income.

“Looking at our industry in hard times, it is a way to provide some revenue for state government,” he said, continuing, “Let’s not kid ourselves, this is not going to clear up tomorrow. Most of the experts are saying this will last well into the next year.”

His statement included both an overview of the dire economic status in the US, and then focused on gambling heavy areas such as Las Vegas, pointing out that the State of Nevada alone has accrued a $1 billion debt through 2008. From this viewpoint, legalizing online gambling could very well open a path for additional income to AGA members, with the online gambling industry conservatively estimated at anywhere from $8 to $10 billion a year, and that’s in a weak economy. Once the recession is over, one can see easily how much income and tax revenue is being missed out upon by way of the UIGEA and prohibition.

Though Fahrenkopf acknowledges even legalizing internet casinos is not an overnight solution, he emphasized how important it is that AGA members voice their opinions, as the topic is sure to be a hot one come next Congressional year. The AGA is hoping that their voices might be heard loud enough for the Association to form a cohesive opinion, making them stronger in their upcoming lobbying efforts. “[it]… is the issue that will keep us the busiest next year,” he said in Vegas.

Fahrenkopf is not the only one who thinks that 2009 might be the year for significant change in the world of online gambling. One of the executives for innovation, gaming and technology on the board of Harrah’s Entertainment agreed with the notion; Tim Stanley made the following claim to the press after Fahrenkopf’s press release; “Each time that there is some sort of shift or change in economies- whether they be state, local, or federal- I think these things get back on the table as far as a rational discussion is concerned.”