Online Gambling Joint Venture Planned for Trump and Avenue Capital
There are celebrities in the USA that have their hand in many ventures and one well known figure in the world of entertainment is Donald Trump. The real estate mogal and casino owner is once again bringing attention to himself. This time the entrepreneur has his sites set on a joint venture to move into the internet betting industry in America, should that scenario ever come to pass.
New York hedge-fund manager Marc Lasry, and his Lasry’s Avenue Capital Group and casino operator Trump Entertainment Resorts Inc. will form an Internet gaming joint venture as reported by Bloomberg. Trump Entertainment, which Avenue Capital took control of last year, would own 10 percent of the venture, the company said in its filing.
Trump Entertainment is based and holds casino licenses in New Jersey and Iowa where there positive support for online gambling in those jurisdictions of the USA.
Trump Entertainment, has just come out of bankruptcy in July 2010, a spokesperson commented that the joint venture represented “the most advantageous way” to pursue online gaming “at minimal cost” to the company. “One or more other qualified parties” may also participate in the venture according to the filing.
Twenty nine year old Ivanka Trump who is Executive vice president of Development and Acquisitions for the Trump Organization, the New York-based parent company and the daughter of the Donald, said to Bloomberg, “It’s just a matter of time,” adding, “It would be a tremendous source of taxable revenue for states or the federal government and an enormous generator of jobs,”
Ivanka also said, “In terms of the Internet, brand is essential toward attracting players,” Ivanka continued, “The Trump brand would be the most powerful one in this space.”
Analysts suggest that while it is not very expensive to create an online gambling web location it is costly to market the space and drive customers to the casino or card room. Capital funding should not be an issue for the Avenue Capital Group with the backing of Donald Trump and his considerable empire.
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