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Message: [QUOTE="Charade You Are, post: 1734504, member: 39511"] [B][SIZE=3]Caesars CEO calls Black Friday an opportunity to help reduce his company’s debt[/SIZE][/B] [B]Steven Stradbrooke[/B] April 27, 2011 [IMG]http://cdn3.bit2host.com/wp-content/uploads/2011/04/gary-loveman-caesars-black-friday.jpg[/IMG]Caesars Entertainment CEO [B]Gary Loveman[/B] has caused a stir with his CNNmoney.com op-ed “Online poker: Legalize it!” In the widely distributed piece, Loveman describes the Black Friday indictments as an “opportunity” and suggests that[B] [SIZE=4]“legitimate” gaming outfits (such as, ahem, his own) and the federal government “seize the moment.”[/SIZE][/B] Gary helpfully offers suggestions on how best to [I]carpe[/I] this [I]diem[/I], the most important being the enacting of a federally regulated poker environment. The phrase “only federal legislation can” is sprinkled liberally throughout the piece, yet curiously [B][SIZE=4]Gary makes not a single reference to his company [/SIZE][/B][SIZE=4][COLOR=black][B]allegedly helping to torpedo New Jersey’s intrastate-poker legislation[/B][/COLOR][/SIZE][B][SIZE=4] earlier this year.[/SIZE][/B] Gary goes on to compare the US prohibition against online poker with the country’s infamous experiment with alcohol prohibition in the 1920s, saying that, in both cases,[SIZE=4][B] “business is being diverted from legitimate, respected companies that employ thousands of people to fly-by-night, underground (and in this case, foreign) operations.”[/B][/SIZE] For the record, outside the US, international companies like PokerStars are viewed as perfectly legitimate operations that also employ thousands of people. [B][SIZE=4]And unlike Gary’s “respected” company, PokerStars isn’t currently carrying over $18 [I]billion[/I] dollars of debt[/SIZE][/B]. Gary also insists that future federal legislation be poker-only – no sportsbetting nor the slots and table games on which his land-based casinos depend so heavily to keep Caesars’ debt levels [I]below[/I] $20b. It’s also worth wondering whether anyone should heed gaming industry advice from the man who [COLOR=black]famously turned down the chance to have a presence in Macau. Did we mention Caesars’[/COLOR] $18b debt? [/QUOTE]

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