Poker may not be the first thing that comes to mind when thinking of Donald Trump or Marc Lasry’s Avenue Capital Group, but, if the pair are successful, it soon may be, according to Bloomberg. Trump and Lasry want to form a joint-venture Internet gaming site.
Trump and Lasry Take a Seat at the Proverbial Table
On October 14, 2011, Donald Trump, Lasry’s Avenue Capital and Trump Entertainment filed a regulatory document specifying that it will form an Internet gaming site as a joint venture. According to the terms outlined in the filing, Trump Entertainment would own 10% of the venture. The filing also specifies that “one or more other qualified parties may also participate in the venture.” Ivanka Trump, Donald’s daughter and the executive vice president of development and acquisitions for the Trump Organization, explained, “Trump Entertainment had the necessary licenses, while Lasry’s firm would provide the capital and her father would contribute his name to the venture.” The idea is that the Trump brand would be amongst the most powerful for this sort of venture.
Ivanka Trump, ’It’s Just a Matter of Time’
While Internet gaming is not legal in the US right now (all the sites people use for online poker and the like are offshore), there is a chance that it soon could be as states like Iowa and New Jersey push for the legalization of online gaming. “It’s just a matter of time,” says Ivanka Trump. “It would be a tremendous source of taxable revenue for states or the federal government and an enormous generator of jobs.”At least 6 are actively considering legalizing online gaming while another 6 to 10 are considering the issue. Trump and Lasry want to be ready to take the first mover advantageif or when that happens.