Caesars: Online Bets Might Hurt Land-Based Casinos
The world's largest casino company is cautioning investors that Internet gambling might hurt rather than help its brick-and-mortar casinos.
Caesars Entertainment, which owns four of Atlantic City's 12 casinos, wrote in a filing with securities regulators late Wednesday that online gambling could reduce patron visits to its casinos in New Jersey and Nevada, and harm the company's bottom line.
A company spokesman downplayed the warning, telling The Associated Press it had to be included for legal reasons, regardless of how likely or unlikely the company believes a potential risk to be.
Even before Internet gambling started in New Jersey last month, some feared it might hurt land-based casinos by eliminating the need to visit Atlantic City. The casinos are offering comps to online players redeemable at the casinos.
(Copyright 2013 by The Associated Press. All Rights Reserved.)