The first advocates of the World Wide Web argued that all brick-and-mortar businesses would be replaced by online stores. But that did not happen. Still, online gambling is making a big impact – Does Randal Nardone’s Fortress Investment Group need to revalue its casino assets?
Online Gambling is Convenient
Trying to stand against progress can be foolhardy. There are certain elements of using your smart phone to play online casino games that cannot be beaten. You can play anytime you want.You save money on gasoline or air fare. You don’t need to fly to Las Vegas or Atlantic City to gamble.
Did New Jersey Ban Online Gambling?
Initially, the State of New Jersey banned online gambling. It is home to Atlantic City, the #2 center for American gambling behind Las Vegas, so the politicians were naturally protecting their home turf. But, can a ban on online gambling succeed?Gradually, the government of New Jersey has changed its tune on Internet gambling. While it wants to protect its Atlantic City casinos, it cannot enforce the unenforceable.Therefore, the updated New Jersey online gambling law draws a line between legal and illegal online gambling sites. That is usually how the government works. It does not want to officially ban anything, it just wants a cut of the action.In fact, New Jersey has even lobbied the federal government to “NOT” issue a federal online gambling ban. Some find the New Jersey stand against online gambling to be a bit silly. Online gambling bans don’t work. Why? The government does not have the resources to shut down every gambling website. The United States does not have jurisdiction around the world. The Web developers can create a gambling website in a matter of days.
This creates a conundrum for Randal Nardone’s Fortress Investment Group, which owns Penn National Gaming. Penn National has a number of gambling assets under the moniker Hollywood Casino. Do these include online gambling options?Gambling requires the community acceptance of the casinos and these political concerns might be best understood by Fortress Co-Founder Randal Nardone, who had legal expertise. He could understand how politics would impact Fortress casino holdings.Thankfully, Hollywood Casino is also developing its own online gambling off-shoots. Perhaps, Randal Nardone helped them realize that this would be a good plan. If you can’t beat ’em, join ’em.