MGM Resorts International CEO Shows Support for Nevada iGaming
During a recent discussion panel at IndyFest, the MGM Resorts International CEO Bill Hornbuckle says Nevada is missing out on the iGaming industry potential.
In the state of Nevada, there are several options for gambling entertainment including sports betting, online poker, and land-based casinos. One area that the state is reluctant to start offering services in is the online casino sector. The state has yet to join others in offering online casino gaming options and CEO of MGM Resorts International, Bill Hornbuckle, says that the state is missing out on opportunity for growth within the gaming industry.
Missed Opportunity
Hornbuckle recently attended IndyFest, the annual conference hosted by the Nevada Independent. During a panel discussion, the CEO pointed out that Nevada is missing out on revenue potential and gaming industry growth by not getting in on the online gaming sector.
During the discussion, Hornbuckle pointed out that there is a group of people who own land-based casinos in Nevada that are not interested in legalizing the option. Hornbuckle feels that the option would be significant for the state as an individual as well as the United States as a whole. It could even have implications on a global scale.
MGM Resorts is heavily involved in online gambling, offering sports betting and casino services in several states. When it comes to casino gaming online, MGM provides its BetMGM brand and offers services in West Virginia, Michigan, New Jersey, Delaware, and Pennsylvania. The company stands to earn a billion dollars in net revenues from online gaming next year.
The Argument
Anyone that is opposed to online gambling will either say they do not want to see services take place due to an increase in crime or gambling addiction. This is the general argument from conservative and religious groups. For operators that are opposed, they say that online services will take away from the land-based facilities.
This has proven to not be the case time and time again. New Jersey is a prime example of how online casino gaming actually helps brick and mortar venues be successful. The iGaming industry in the Garden State came in very handy when the COVID-19 pandemic broke out and physical casinos were forced to shut down. With online services at play, the operators were able to continue offering options to players which helped the state bring in much-needed funds.
Nevada already has online poker gaming, but it has not been as successful as one might think. It seems some action, but there is only one site available, offered by Caesars Entertainment. Two months ago, a group of gaming operators came together to oppose any expansion of the online gambling industry in the state. The group was led by Station Casinos.
The group stated that any proposed changes need to be reviewed by the Gaming Policy Committee of the state and approved by lawmakers before moving forward. Back in May, the state’s Gaming Control Board was supposed to host a workshop hearing to talk about regulation changes, but the event was postponed.
For MGM CEO Hornbuckle, he feels that an expansion into online casino gaming in Nevada is a necessary step as the traditional land-based casinos on the Strip have too much market saturation. He also feels there are ways to expand that will protect local casinos.
It will be interesting to see if Nevada regulators decide to push for an expansion. No doubt if they do, there will be pushback from some operators. Only time will tell if the state will decide to increase its online offering to meet player entertainment desires and some operators wishes to offer online services.
