Wynn Resorts of Las Vegas has finalized its affiliation with PokerStars Online for the United States market. The two companies have reached an agreement to form a partnership and become perhaps the biggest name that is staking their future on providing online poker in the United States once the industry is legalized.
The proposed website name and address for the partnership will be PokerStarsWynn.com. Wynn Resorts Chairman and Chief Executive Officer Steve Wynn tells the press that after an extensive research on the matter, they have become convinced that stricter security with regards to internet gaming in the U.S. should be applied and strictly enforced to stop gaming security breaches. The company stated that they firmly believe a highly secure venue for poker can be provided for their patrons online.
PokerStarsWinn.com was triggered after the news about a collaboration between Caesars Entertainment and 888 was announced. The two companies plan to expand to the U.S. as well once legal matters regarding internet poker in the country have been finalized.
In the press release attended by Wynn Resorts and PokerStars representatives, Mark Scheinberg, PokerStars CEO, said that they have expressed their support for the regulatory measures being set in order to protect clients, as well as to provide much needed tax revenues and more jobs. PokerStars in European countries are being strictly regulated. They have, as well, suggested that adopting the same system done in the European countries might serve the United States well since they have been following those regulations for years.
With all preparations still ongoing, PokerStarsWynn.com remains to be a site to watch out for. Chairman William Horne pushed a bill to the Assembly Committee on Judiciary, where PokerStars participated in pushing for AB 258 to be discussed. The bill pertains to the creation of the first U.S. interstate online poker market. Congressmen Barney Frank and John Campbell in Capitol Hill passed HR 1174 to push for the creation of a nationwide internet gambling framework.
Two years prior to the decision from Wynn Resorts to collaborate with PokerStars, they expressed their agreement, Wynn expressed their opposition against legalizing internet gambling, which was published in the New York Times. Being one of the owners of several casinos, it was significantly affected by the recession in the U.S. It can be noted that Wynn’s personal wealth dropped by 50% between 2008 and 2011, equivalent to a $2 billion.
Wynn will be collaborating with the largest poker online companies, having roughly 40 million members worldwide. It has also hosted more than 300 million tournaments and will be reaching its 60 billionth hand anytime soon.
After news broke out regarding the partnership, the WYNN stock rose by 1.64% in the stock market, affecting the Dow Jones Industrial Average into an increase of 0.36% that same day.