The city of Las Vegas is considering a plan that would see city government joining an Australian-based Internet gambling website in licensing the city's name and official seals to vegasone.com, a new Internet business that claims to be in pursuit of an online gaming license in Australia.
The company's proposal calls for the city to receive a percentage of the revenue generated by the site.
Tony Cabot, a widely known gaming lawyer, is one of the proponents of the idea, which mayor Oscar Goodman supports. Opposing the idea is Sen. Richard Bryan, who says "I don't think it makes sense in terms of good public policy. My view is Internet gambling is not good for us in Nevada or in the
Key players in vegasone.com include former MGM Grand Chairman and President Larry Woolf, ex-Caesars Palace President and COO Dan Reichartz, one-time Nevada Gaming Control Board Chairman Phil Hannifin Cabot.
vegasone Director James Jimmerson told the council that the city could make as much as $1.2 billion through the agreement in the year 2003--20 percent of the projected $6 billion expected to earned by Net betting sites that year. Experts argue, however, that the forecast is unrealistic considering the agreement's mandate that the proposed site will not take bets from the U.S., where a high percentage of the earnings will originate.
Research by the River City Group, publisher of Interactive Gaming News, indicates that at least 35 online gambling websites use Las Vegas themes or operate under names possessing the word "Vegas." None of the 35 have expressed any intention of giving royalties to the city of Las Vegas.