LAS VEGAS, March, 2011 /PRNewswire/ — Wynn Resorts, Limited (NASDAQ: WYNN) announced that it has entered into a strategic relationship with PokerStars, the world’s largest online poker business.
The companies will first work to secure the passage of federal legislation that will finally and conclusively define illegal internet gambling, provide law enforcement with the tools necessary to stop illegal internet gambling, protect consumers by establishing a robust regulatory environment for the safe operation of online poker by experienced operators, and establish a regime for the assessment and collection of taxes.
Upon passage of this legislation and acquisition of the appropriate license, the parties will jointly operate a regulated, US online poker site under PokerStarsWynn.com.
“After much study, we are convinced that the lack of regulation of internet gaming within the US must change. We must recognize that this activity is occurring and that law enforcement does not have the tools to stop it. As a company that has safely conducted gaming in the US for more than 40 years, we believe that the same can be done for poker on the internet,” commented Stephen A. Wynn, Chairman and Chief Executive Officer of Wynn. “Additionally, it is time that the thousands of jobs created by this business and the potentially significant tax dollars come home to the US,” Mr. Wynn continued.
Mark Scheinberg, Chairman and Founder of PokerStars, commented, “We have long supported the enactment of local regulatory regimes that protect consumers and provide valuable tax revenues and jobs. PokerStars is closely regulated in many European countries and it has been endorsing the adoption of the same approach in the United States for years, with this alliance representing a critical step in that direction. We are excited about the opportunities that partnering with Wynn, a pioneering leader and innovator in gaming, will present for PokerStars in the United States These opportunities include the rapid ramp up in hiring of a large numbers of professionals in this growing global technology and services sector that will benefit from US talent to keep up with global demand.”
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