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This online gambling officially begins its comeback in the US today ultimate poker dot com is open for business in Nevada.
Online gambling revival is dealing away challenges and opportunities.
To the casino industry in my next guest has a lot riding on its outcome -- -- -- -- -- -- -- Owner of the Golden Nugget casino franchise.
He joins me now from the Milken Institute conference in Beverly Hills, California although it sounds like -- the net in the middle of a casino there it's so loud behind you out.
-- -- showed some and thanks for coming on.
Hey -- how you do it.
Asked by the casinos in Nevada just -- I can tell you that would be good for any -- -- you know what it's really an interesting concept first off.
Vegas is more of a test run for everybody because Nevada doesn't have the population.
And so and also the casinos are so close to everybody.
When you look at the populations.
-- really not gonna make any money out of that in Nevada but it kind of left a lot of the kinks get worked out.
But -- when it happens in New Jersey with a heavy population.
That it could really needs and dollars to people.
You know that's -- really interesting point because you have to.
-- Nevada in order to be able to game online -- that's that's the point that you're making.
Does it have to be -- gamble across state lines in order -- this to really work.
Absolutely and and and especially.
You know you've got to have stakes he can do it where there's a lot of populations.
And that's why New Jersey needs it more than anybody and and the regulators they are doing everything they can't right now.
But what we don't want to happen is everybody just didn't come home it is still not yelling at this thing out because it it's only going to be regulated state -- -- And it's most likely only the stage where there already is gaming.
What do you think is the danger about I mean do you think that there is a large percentage of people that we just you know.
And gamble from -- You know it's scary Melissa because that could happen and then not what do we do -- -- everybody doesn't count of the casino.
Where they can also spending ancillary dollar and only.
Do it from at home isn't going to be an increased forest absolutely just because of the convenience.
I've never expect things to always turn out as good as we always think they are.
Yeah yeah that's a great point.
-- let me tell you a little bit because -- so much of the rest of your business touches the consumer whether it's all the restaurants all the dining.
-- consumer confidence -- In April 68 point 1% that compares to march which is 61 point night.
Are you feeling that your restaurants -- people come in and spend more money -- feel better.
That the consumer definitely feels better today you know after January and February and that.
Sequester where we threaten everybody and everybody thought the world was coming to an end.
He really did not make every use weather as an excuse.
But but the weather in January and February at -- up north was horrible and then at the same tab and everybody lost their fifty dollars out of you know -- week when he 400 dollars a year that's a hundred dollars every paycheck every two weeks.
Could become the country's resilient people -- out spending money again and I think we're gonna lead right into a great summer now with the consumer.
-- I -- in another strong point we have another favorite is the housing data that we got out today showing.
-- prices going up I know that that has been one of the things that has had big buzz of the conference that you're out right now is the recovery in housing.
Do you believe it's real and our people they're really talking about it.
You know I can tell you -- that it is so we hope it in in the south right now if you put a decent house on the market.
There is a contract written on it within a couple of weeks.
If it is a good property and it's almost like the old days where people are even beating over the asking price.
Just to buy the house.
And being out in California that your -- CNN has a tremendous amount of strain.
In Vegas which was the worst market in the country you're starting to see a lot of strain it's nothing like it was -- 06 but we are definitely on the rebound back.
-- like that's really mean at the beginning of the show we are talking to Peter Schiff who was saying that he felt like that housing data.
Wasn't necessarily positive you know for a couple reasons that it was going to evaporate when interest rates went up that we are creating another bubble a lot of people that were coming and -- housing.
You were private equity funds that were fine but I'll -- -- -- wants your buyers they would attack.
People that -- buying a lot of leverage do you think there's any truth and yeah.
I -- disagree with such a Smart guy but I do disagree I think that's what was happening a year ago.
But now what is the real consumer and with all the new regulations that the government is putting and -- appraisals -- down payment.
You cannot buy a house and let you qualify for it.
And and that's what makes it a real market.
I totally agree what he said a year ago -- totally disagree today.
Yet you have thousands of employees around the country and in -- around the world.
Are you adding employees right now are you confident enough to expand their businesses.
We've we've been growing because we're consumer business and coming out of those days for the last four years in I have absolutely -- I think you'll never see unemployment like upset totally fall into you get rid of some of the stimulus of unemployment.
Where people don't even looking for a job.
But the economy is definitely improving I think we're gonna look and the housing boom all I was gonna stay at a decent price and we're gonna have a great summer.
I'm glad to hear excellent thanks so much for coming on the show we always love having him.
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