Donald Trump wants to get into online poker and the plan is to get into it in a joint venture with billionaire Marc Lasry. The idea is to get into the online poker industry once the online poker is legalized in the US market.
Lasry’s Avenue Capital Group and Trump Entertainment Resorts have teamed up with hopes that the US regulations will allow US companies to provide online poker services in the US for online poker players. Avenue Capital has been in control of Trump Entertainment since last year.
This huge partnership overlaps with the support that legalization of online gambling enjoys in many states in the US like New Jersey which is home to Trump Entertainment and its licensed casino. However, the supporters of online gambling in the US support the argument which states that Americans spend $6 billion every year in offshore gaming and that if this money is brought back to the nation then it would benefit once and all. Trump and his organizations seem to think it’s just a matter of time.
When internet gambling is legalized in the US, this partnership would enable the investors to become the largest internet gaming company in the US, wherein Lasry’s company takes care of the capital, and Trump’s company has the required licensing.
Establishing an internet gaming site is not so difficult, but establishing and marketing an online brand in the internet gambling industry is extremely difficult and requires a lot of capital, this is where Trump and Lasry’s venture together may just fit in perfectly.
The future of internet gambling in the US is being predicted and most people seem to think that it will follow the same pattern that the state lottery system did, which is now legal in 43 states.
Donald Trump started off in the casino industry in 1984 with Trump Plaza, but got into financial trouble later and had to declare bankruptcy. Following the reorganization after bankruptcy, Trump in 1995 made his company public. But he had trouble again and in 2004 the company went bankrupt again. The third time Trump Entertainment Resorts filed for bankruptcy was in 2009. On the other hand Lasry has had better let with online poker and high-stakes poker games, wherein he played the host for the same many a time. He has been known as a poker buff for quite some time now, and so this partnership makes sense.