Caesars confident of Nevada launch this year
Operator prepares to follow Ultimate Gaming into the Silver State by going live with WSOP brand
Caesars Entertainment anticipates launching an online poker offering in Nevada before the end of 2013 “subject to regulatory approvals”, chief executive Gary Loveman confirmed following the operator’s first-quarter financial results.
The operator intends to launch an offering under its World Series of Poker (WSOP) brand, which its Nevada software partner 888 suggested last month could be ready to go live in the Silver State during the third quarter.
Caesars has already invited Nevada-based players to apply to beta-test its real-money online poker software, having been awarded a licence in the state last December.
This week saw Fertitta Interactive’s Ultimate Poker brand become the first Nevada licensee to take a real-money bet in the jurisdiction, recording a 24-hour peak of more than 170 players according to tracking site Pokerscout.
The chief executive also said he remains hopeful of securing approval in New Jersey, having filed its application for an interactive gaming licence in the Garden State last month.
“The successful launch of real-money online gaming in Nevada and New Jersey could be a model for other states considering the legalization of online gaming,” Loveman said. A number of other US states have introduced legislation in recent weeks, with Pennsylvania seeing a new bill introduced last week.
Loveman was speaking after revenues from online arm Caesars Interactive Entertainment helped revenues from its “managed, international and other” segment rise 34.4% year-on-year to US$276.9m for the three months ended 31 March. The segment contributed 12.9% of total group revenues in the period, however it saw its operational loss more than double to $60.6m in the quarter, largely due to costs associated with December’s acquisition of social casino business Buffalo Studios.
Caesars recently announced plans to spin off CIE – alongside other selected assets – into a new division called Caesars Growth Partners, with the new division to be part-owned by investment groups Apollo Management and TPG Capital.
This week saw the cancellation of a deal for PokerStars owner Rational Group – one of Caesars’ potential competitors in New Jersey – to acquire the Atlantic Club casino. Atlantic Club CEO Michael Frawley suggested the land-based operator would “aggressively pursue” alternative egaming opportunities in the state.