Trump Eyes Move Into US Online Poker Industry
The odds of online poker being legalized in the United States seem to grow with each passing week, and no surprise here—Donald Trump is one of the entrepreneurs who want to cash in. According to a regulatory filing issued last week, Trump Entertainment Resorts is looking to form an Internet gambling joint venture with Lasry’s Avenue Capital Group.
The announcement is likely in response to a movement to legalize online gambling in several states, including Iowa and New Jersey. Many states are looking to capitalize off of the Americans who are already playing poker through offshore sites. In the event that these states and the federal government give online poker the green light to start operating in the US, Trump Entertainment and Lasry want to be there to claim their piece of the pie.
Trump Entertainment Resorts merged with the Avenue Group last year. If this joint venture went through, Trump Entertainment Group would hold a 10% stake in the venture.
Donald Trump’s daughter (and business partner), Ivanka Trump, told Bloomberg that is it only a matter of time before online poker is regulated in the United States. Although the industry suffered a setback after the Black Friday fiasco, Trump and his partners in this partnership are optimistic the day will come when poker sites can open their doors back up to American players.
The decision to get in on the online poker movement could be the business Donald Trump needs. He is still trying to recover from his bankruptcy filings from 2009, when he stepped down as chairman of Trump Entertainment. Plunging into the online poker industry could be the move the man needs to take his career out of the gutter and back in the fast track.
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