You're watching...
Boyd Gaming CEO Keith Smith on efforts to legalize online gambling and its potential boost to jobs and tax revenue.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
The online gaming industry and the United States is not legal but Boyd Gaming is betting that it soon will be.
The company is partnering with a company called.
In the event that congress passes the online poker act Boyd Gaming president CEO Keith Smith joining us now.
In a box business exclusively you're just actually getting into position keep it would seem to me which is a Smart thing to do but.
What will you start to see any kind of bottom line assets come from this if it's not yet -- in the United States.
Well I think they'll probably be several years before we're able see you know any revenue or any profits out of this business -- congress has to.
There adopt regulations to regulate and find a way to tax -- and then we'll have to create the business.
Create the infrastructure and and moving forward so it'll probably be a few years.
Well -- yesterday as I'm sure you know in New Jersey voters voted in favor of sports gambling so there does seem to be sentiments.
Growing in this country for more libertarian approach to gambling now.
But I think that's certainly true the challenge with with sports -- obviously -- there's a federal ban outside the four states are currently allowed sports betting.
-- and New Jersey will have to get the federal law changed.
And we can take advantage of that we actually have an operation aboard got an Atlantic City, New Jersey so.
To the extent are able to get that change will that would take advantage of that our own business.
The complaint about online gaming here in the United States is there are people who are obviously concerned about.
Addiction and things like that but -- -- your best pitch here Keith why should we make it legal to participate in online gaming.
Sure well -- it's a good question -- you have to do really is look at the recent indictments that the Department of Justice.
Handed down four full tilt and several others and you know what occurred as a result of that I didn't thousands of Americans lost a tremendous amount of money.
It's a unregulated business you know online poker is something that.
Millions of Americans just enjoy betting billions of dollars every year yet and is -- regulated here in the US it's untaxed.
It's also an industry that is is regulated and licensed in some 85 countries around the world.
Creating thousands of jobs are trading tax revenue that simply you know the current euros policy that doesn't allow for us to take advantage of the jobs here in the US.
Take advantage of the tax revenues here in the US.
-- -- a very strong you know regulated.
Industry that has consumer protections which I think are important.
-- how much money are you spending lobbying in favor legalized gambling.
Well probably not going to kind of delve into the budget that we have to do that old Dell Dell quite Hannity yeah.
Suffice to say we've.
You know what we have an effort under -- without an effort under way for several years we'll continue that effort.
Two try and get trying to get this is always more than a hundred dollars in less than a billion dollars somewhere in there right at that.
That's that's a great ballpark that's a great ballpark thanks -- health business overall quickly.
I'm actually business overall has -- But improving if you look here in Las Vegas the metrics -- that you look at whether visitation growth in gaming revenues or growth and convention business.
Have all been trending up -- for anywhere between ten and eighteen months.
When you look at some of the midwest states or or states have legalized gaming in the central part of the country.
They they've been more robust they were more resilient than it falls far during the recession they've come back a lot quicker so were actually saying.
No good modest growth it's slow but it is growth.
Keith Smith who is CEO of Boyd gaming and president as well Keith great to see -- please come back -- -- is again.
That's -- thanks revenue -- to show our pleasure we'll today's sell.
