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AWESOME!!
LAS VEGAS (AP)—It’ll be a little bit harder to get in on the action in the NBA finals.
Harrah Entertainment Inc., owner of 13 casinos in Nevada, is barred from taking bets on the Lakers-Celtics series.
That’s because Harrah’s top executive Gary Loveman bought a 2.4 percent stake in the Celtics last year. Under NBA rules, Harrah’s was barred from accepting bets on the team.
The restriction means bets won’t be accepted at about a third of all sports books on the Las Vegas Strip, including Caesars Palace, Paris Las Vegas, Bally’s, Imperial Palace, Flamingo, Bill’s, Harrah’s and the Rio.
The company also dropped betting lines at Harrah’s-branded casinos in Reno, Lake Tahoe and Laughlin and at Harveys Lake Tahoe.
It may be costly to sit out this series.
“This is the cream of the crop,” said Art Manteris, vice president of race and sports book for Station Casinos. “This is what you hope to see in this type of situation. Two fabled franchises, two big markets, two hot teams with a lot of fan support.”
But analysts think the potential lost revenue will not be enough to affect Harrah’s bottom line.
“Sports gaming, while it’s important to the casino and provides a compe ive advantage over other jurisdictions, the loss of wagers on the NBA Finals doesn’t really move the needle for Harrah’s,” Wachovia Capital Markets bond analyst Dennis Farrell Jr. said.
Farrell said sports wagering contributed 1.4 percent of total gaming revenue on the Strip in 2007.
Of that pool of money, the NBA ranks fourth behind pro and college football and college basketball in the amount of money wagered.
Harrah’s, the world’s largest gaming company by revenue, generated $10.8 billion in revenues last year.
CASINOS owners OWNING teams
that is wrong
I wonder if Harrah's taking action on Gary Loveman's partners putting him in cement shoes for costing them millions.
your kidding right?
After the trouble with Donoghy? Stern has lost his freaking mind. In any other company, the officers don't just have to avoid any impropriety, they have to avoid the "appearance of impropriety". I can't think of any other place where such an obvious (potential) conflict of interest would be approved by the board.
They can't think that the ban on Harrah's accepting bets on Lakers/Celtics games will ease any doubts. Or the fact that it is "only" 2.4% of the team's ownership. Letting the top exec of a gambling company take an ownership interest? They must have finally come to the conclusion that the public will accept anything.
And they are probably right.
Hmm... I should have noticed this when I was in Ceasars Palace last week.
I guess it's no big deal to the league. George Maloof runs the day-to-day operations at The Palms in Las Vegas. And there is already a part owner in the Celtics whose private investment firm owns a large portion of Harrah's. http://www.lvrj.com/news/19558759.html http://www.casinocitytimes.com/news/...ntentID=169632
Who knew?
But a couple of little bells are ringing now. I'll update before long.
yea
i just think no one that owns something you ban from the game like betting on games, can or should own a team
you dont have steroid owner own the Giants or percentage of it. lol
just bad business
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