Caesars Entertainment and 888 Holding Make Deal
10 March 2011
The Nevada Gaming Control Board approved a business relationship between Caesar’s Entertainment Corp. and Cassava Enterprises (Gibraltar) Ltd. and Fordart Ltd.,which are subsidiaries of 888 Holding Company LLC. This is only the second time an approval has been given under the state’s foreign gaming statutes. In 2007 MGM Mirage was approved to conduct its business with Pansy Ho’s company in Macau.
On March 24th the Nevada Gaming Commission will meet again and if they give their approval this will be the first relationship approved between a company licensed in Nevada and a foreign Internet gaming provider.
According to Board Chairman Mark Lipparelli, “In 2002, we didn’t have a lot of knowledge about how this would work, but in nine years, we’ve learned a lot more.”
A.G. Burnett, another Control Board member added, “What we’re doing today is looking at the suitability of a business relationship. We’re not granting (888 Holdings) a Nevada gaming license and we’re not making a ruling on U.S. gaming law.”
Mike Garber, CEO of Caesars Interactive Entertainment said that only after an exhaustive internal investigation of 888 Holding by Caesars regulatory and legal compliance department was a deal struck between the two companies. As some may recall Garber at one time ran PartyGaming and was familiar with the 888 management team.
Garber says that it would be more cost effective for Caesars to have 888 build the World Series of Poker websites than for them to create the software. Garber reiterated though that “”Caesars is responsible for branding, marketing and customer acquisition.”
What effect might this have on a U.S. federal law to regulate online gambling? According to Mitch Garber,
“It was a historic moment. It confirms that Internet gaming is a reality. It should allow us to look more and more at a federally regulated environment in the United States.”
06 January 2016A Big 888 and William Hill Merger Could Be Coming
The online gambling industry has seen a lot of activity in the past year when it comes to major mergers and acquisitions. There have been lots of takeovers, purchases, buyouts and mergers that have completely changed the face of the industry and where the top companies rank relative to each other. One of the big mergers everyone has been expecting is one between 888 and William Hill, and it'll be interesting to see if it happens.Read full article
06 December 2015Jingle Bingo Online Room Launched by 888 Holdings
Online bingo really ramps up in popularity around the holidays. Because people have so much free time in December away from their jobs and other obligations, there's a bit of an influx of individuals with plenty of time to get in on the action in online bingo rooms. 888 Holdings has decided to take advantage of that with the release of the new Jingle Bingo online bingo room. Game Offering The selection of games at Jingle Bingo will seem familiar to veteran players.Read full article
16 September 2015Caesars Entertainment Fined $9.5 Million in Penalties
Money laundering is something that's often tied to gambling because of how relatively easy it can be to launder money through gambling establishments. This is largely due to the cash nature of the business and how casino chips are mixed up and traded back and forth during games. Different casinos have to adhere to rules that help to prevent money laundering, and Caesars Entertainment found out the hard way that they weren't doing enough with a $9.5 million penalty.Read full article