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Cyberspace – the new frontier for Nevada casinos2 August 2001This week gambling analysts forecast that if Nevada casinos set up online casinos, they would generate more players not only on the web sites but also at their land-based casinos. According to Bear Stearns analyst Marc Falcone, "Internet gaming tends to be a very profitable business." The state gaming commission is currently working out the rules and regulations that will allow Nevada casino operators set up Web-based gambling sites. Both proponents and opponents came out strongly for their case. Outgoing commission Chairman Brian Sandoval was concerned that the web-based gambling would cannibalize land casinos; while Falcone was sure that the online casinos could only help Nevada. Sebastian Sinclair, gambling analyst for Christiansen Capital Advisors, emphasized the potential of the industry, estimating revenues could reach $10 billion by 2005. He predicted that if Nevada casinos launch online casinos by 2003 and have 15 percent of the market, Sinclair predicted $231 million in tax revenues. The potential revenue for all involved is extremely appealing, particularly at a time when the economy is in a lull, and an uncertain economic outlook “"don''t paint a pretty picture for revenue opportunity in Nevada," according to Falcone. |