Online Casinos Will be the Answer to Gambling Recession

The president of the yankee Gaming Association says his land-based casino membership may look closely at online casinos as an industry future once they meet in December.

President Obama is also telling people the recession is ending, but representatives of the Las Vegas casino industry think it'll take several years for recovery for gaming companies. The opportunities presented by online casinos can even force probably the most hardened opponents of Internet competition to inspect the fix possible in accepting the brand new wave.

Frank Fahrenkopf, Jr., president of the land-based casino organ American Gaming Association, told listeners on the Global Gaming Expo this week that he doesn't believe optimistic comments that the recession is over. He said the slowing decline experienced over much of 2009 isn't the same as increases, and added the return to gaming figures pre-recession could also be up to four years away.

"Without a doubt, the gaming industry is facing a protracted road to recovery," Fahrenkopf said.

But the low overheads and prepared customers available to online casinos is drawing attention from greater numbers within the land casino business. Harrah's has already prepared a web based poker arm, using its World Series of Poker brand, to go into European markets in what many analysts consider a prelude to US activity.

AGA membership had opposed online gambling for years, but Fahrenkopf has noted for over a year now that the organization has changed its stance to neutral, as groups like Harrah's offset the hard-core rejection of Steve Wynn and others.

Now Fahrenkopf says the AGA may soak up the subject in December. AGA support for Barney Frank's legislation to manage online casinos will be the needed impetus to get Harry Reid behind the cause, giving the bill an actual chance to pass.

Published on November 19, 2009 by TomWeston

Read More... [Source: Harrahs Casino News]