Trump and Lasry Venture into Real Money Online Gaming

With petitions being made all over the country, there is a possibility that online gambling will become legal in the United States. If this happens, Donald Trump and Marc Lasry want to launch a site for online gambling.

The Prospective Venture

Trump is the business magnate, President and Chairman of the Trump Organization. He also founded Trump Entertainment Resorts. Lasry is a Hedge Fund Manager from New York. His Avenue Capital Group took control of Trump Entertainment in 2010. The two plan to form a joint online gaming venture if U.S regulators allow such operations. Trump Entertainment will own 10 percent of the venture according to the filing that the company made.

This venture coincides with the movement to legalize online casinos for real money in states like New Jersey and Iowa where Trump Entertainment holds licenses to open casinos. In support of the venture, Executive VP of Development and Acquisitions of Trump Organization, Ivanka Trump, said that it would be a tremendous source of revenue for the states and federal government. It also has the potential to create much needed jobs.

Likely Expenses and Problems

According to Ivanka, the new venture will be positioned to be the biggest online gaming company if gambling online becomes legal. The brand would be the most powerful in the sector.

Chairman of U.S Digital Gaming Inc, Richard Bronson, is an expert on internet betting. His company created the technology that makes internet wagering possible today. He said that the cost of making a website is relatively small. However, gaming companies are likely to incur expenses while trying to establish a brand to bring in more customers. According to Bronson, significant huge sums of money will be required for marketing and making unique promotions.

Three Times Lucky

Donald Trump was initiated into the casino business with the launch of Trump Plaza in 1984. Since then, he has filed for bankruptcy thrice. He took the company public in 1995 and renamed it Trump Hotels and Casino Resorts Inc. He filed for bankruptcy protection in 2004 and stepped down as CEO. The company was reborn as Trump Entertainment Resorts. In 2009, he filed for bankruptcy for the third time and stepped down as chairman. After selling the company, he retained a 10 percent stake in it for allowing the new management to use his name.

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