Trump Prepping To Enter The Online Poker Environment Once It's Legal

[vixen777]

While progress on the US legislative front may be glacially slow, that doesn’t mean would-be online poker operators aren’t positioning themselves for the end of this current ice age. The latest out of the blocks is none other than Donald Trump, who has teamed with New York hedge-fund manager Marc Lasry on a proposal to offer online poker at the state or federal level, whichever comes first. (Our money’s squarely on a state-by-state roll out.) Lasry is reportedly a big fan of high-stakes poker games involving his hedge fund brethren, while Donald is a big fan of suing supermarket tabloids.

According to an Oct. 14 Securities and Exchange Commission filing uncovered by Bloomberg news, the poker project would be a co-venture between Trump, Lasry’s Avenue Capital Group and Trump Entertainment, which Avenue Capital assumed control of last year. Trump Entertainment would supply the gaming licenses, Lasry provides the capital, and Donald provides, er, himself. Trump Entertainment would hold a 10% stake in the company, but exactly how the remaining 90% would be split between Avenue Capital and Donald remains (like Trump’s hair) a mystery. The agreement restricts each of the three parties from pursuing any competing proposals until May.

Donald’s daughter Ivanka, exec VP of real estate company the Trump Organization, claims the joint venture is “positioning itself” to be the largest US-facing online gaming company if/when legalization happens. Ivanka claims the Trump brand “would be the most powerful one in this space.” That would surely come as news to Bwin.party co-CEO Jim Ryan, who has been trying to sell investors on the notion that PartyPoker is the number one poker brand in the US.

Source CalvinAyre.com

Trump Teams With Avenue’s Lasry in Online Gaming Venture
Donald Trump and New York hedge-fund manager Marc Lasry want a seat at the virtual poker table if online gambling is legalized in the U.S.
The real estate financier, Lasry’s Avenue Capital Group and casino operator Trump Entertainment Resorts Inc. will form an Internet gaming joint venture should U.S. regulators permit such businesses to operate, according to an Oct. 14 regulatory filing. Trump Entertainment, which Avenue Capital took control of last year, would own 10 percent of the venture, the company said in its filing. It didn’t disclose the stakes to be held by Trump or Lasry’s $12 billion hedge fund.
The agreement coincides with a push to legalize online gambling by states including Iowa and New Jersey, where Trump Entertainment is based and holds casino licenses. The $6 billion that Americans wager each year through offshore sites is tempting state authorities who face budget deficits, as well as casino companies looking for new sources of growth.

SOURCE BLOOMBERG