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Non-Tech : Gambling, The Next Great Internet Industry

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To: kidl who wrote (703)	9/27/2001 8:28:27 AM
From: Herc	Read Replies (1) of 827

Associated Press - September 26, 2001 LAS VEGAS (AP) - The tourism slump stemming from the terrorist attacks is giving the gambling industry fresh incentive to look to the Internet as a way to attract business. Casino corporations eligible to apply for Internet gambling licenses planned to meet Wednesday through Friday with technology developers of proposed online casinos and regulators at the first Interactive Gaming Exposition and Conference. ``Given the significant falloff of business, particularly in Las Vegas, Internet gaming in an environment like this can have significant upside opportunities,'' said Marc Falcone, a gambling analyst for Bear Stearns Co., a Wall Street investment firm. ``If people aren't going out to casinos, they can continue to play at home.'' The conference, sponsored by the nonprofit Interactive Gaming Institute of Nevada and Bear Stearns, comes when hotel occupancy rates - normally around 95 percent on Fridays and Saturdays - were about 75 percent last weekend. Lawmakers in June approved a bill enabling Nevada to become the first state in the nation to offer Internet gambling. Federal law currently bars Internet gambling, but state officials say court challenges could change the federal government's position. Experts estimate revenues from Internet gambling - largely conducted by offshore companies because of the U.S. ban - reached $1.5 billion last year and could total $6 billion by 2003. Given the past month's disruptions in air travel and ensuing visitor decline, Anthony Cabot, Internet gambling legal expert and conference chairman, said the casino industry needs to be vigilant in pursuing the legalization of online gambling. ``I think ultimately in two or three months everything will be back to normal,'' he said. ``But this illustrates the need to market your product in several ways and not rely on one source.'' grossannualwager.com ontentSet=0

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