![]() This fact did not escape the attention of the Las Vegas casino moguls who had turned their backs on the Internet. PokerStars, based in the Isle of Man, became the biggest online gaming business in the world, with estimated annual profits of $500 million on $1.4 billion of revenues. “But the rest of the world was not waiting for the casinos or Congress.”įor yet another year the Las Vegas casino industry sat on the sidelines while offshore companies like PokerStars and Full Tilt Poker made fortunes from the massive U.S. “I jokingly say I was neutered on Internet gaming,” says Frank J. Loveman found himself vigorously opposed by billionaire Steve Wynn, who won the battle since the AGA’s bylaws required unanimity. Some in the room, however, like Gary Loveman, chief of Harrah’s Entertainment, were pushing for a new policy. 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. 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. ![]() casino industry headed to the Las Vegas offices of IGT for a critical board meeting of the American Gaming Association. In December 2008, with their stock prices crashing and their companies struggling under mountains of debt, the captains of the U.S. ![]()
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