UPDATE 2--Boyd's Borgata gets first New Jersey online gaming permit

Wed Oct 9, 2013 7:52pm EDT
 
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By Sue Zeidler

LOS ANGELES Oct 9 (Reuters) - Borgata Hotel Casino & Spa, owned by Boyd Gaming Corp's and MGM Resorts, said it received the first Internet gaming permit ever in New Jersey from the state's Division of Gaming Enforcement.

New Jersey last February became the third state after Nevada and Delaware to legalize online gambling, but the casino industry views New Jersey as the most lucrative opportunity based on size and the fact its law encompasses many forms of gambling, while Nevada's regulations, by contrast, allows online poker only.

Nevada was the first to go live with online gambling in April when Station Casinos launched the first offering known as UltimatePoker.com. New Jersey is expected to go live in late November with Internet gaming.

Borgata, one of the 12 hotel-casinos in New Jersey's Atlantic City, said it had worked closely with the division throughout the process. A spokeswoman for the division confirmed it was the first Internet gaming permit to be issued by the state.

The gaming enforcement division has said Internet gambling, limited to the 12 hotel-casinos and their partners, will begin in New Jersey on Nov. 26, after a trial period to make sure things work properly.

Analysts estimate that Nevada's online gambling market will yield $50 million to $250 million in annual revenue, while New Jersey's will generate $500 million to $1 billion yearly.

Other operators that applied to offer online gaming include Caesars Entertainment ; Donald Trump's Trump Entertainment Resorts; the Tropicana Casino and Resort, sold in a bankruptcy sale to a group of creditors led by Carl Icahn in 2009; and The Golden Nugget, owned by Landry's Inc.   Continued...