Harrah's Entertainment Claims Online Turf
Published: Sunday, April 12, 2009 Online-Casinos.com
The largest land based casino group in the world, Harrah's Entertainment Inc. is going about claiming some turf in the online world before online gambling is legalized in America. They have just announced they will enlist the services of Mitch Garber, a former chief executive of PartyGaming, to front the Internet operations and World Series of Poker division of this veteran entertainment and gambling institution. Harrah's has shown great support for legalized and regulated online gambling in the USA which has some industry insiders speculating a turn around is imminent in the current US prohibition on online gambling.
Gary Loveman, CEO of Harrah's Entertainment, has said online poker's legalization is a strong possibility in the United States. With yearly revenues of around $10.8 billion, speculation is the online gambling venture being made by this company will in time be a big success. Harrah's is owned by Hamlet Holdings which is jointly controlled by Apollo Management a private equity investment firm, founded in 1990 and the Texas Pacific Group now known as TPG Capital another private equity investment firm both of which are head quartered in the USA. On December 19, 2006, TPG and Apollo announced an agreement to acquire the gaming company for $27.4 billion, including the assumption of existing debt.
Looking at Canadian born Mitch Garber's history with PartyGaming where he focused on international expansion through product diversification and a series of mergers and acquisitions, he acquiring companies in Israel, UK and Bulgaria. While with PartGaming he also lead a focus on efficiency and regulatory compliance and the company was awarded Operator and Socially Responsible Operator of the year. As a member of the International Association of Gaming Attorneys (IAGA), he is actively involved in philanthropy in Canada, Israel, England, and Russia. A serious person with good credentials it is believed he is an excellent choice for the Harrah's team.
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