Reuters reported on Tuesday that there is a potential gambling compact in the works between Nevada and New Jersey, which could go into effect as early as 2014, after MGM Resorts International CEO Jim Murren told the business news source that the company is working with Nevada officials to create a joint online gaming market.
While Murren has commented that Nevada has too small of an online market, the partnership will likely be mutually beneficial for both parties, with the 2012 United States Census revealing a Nevada population of around 2.76 million people, as oppose to the 8.85 million who call New Jersey home.
“I think it’s likely that in 2014 we’ll see a compact between New Jersey and Nevada” Murren said recently.
“We’ve really been focusing on Nevada’s ability to compact with other states, create more liquidity”.
Chairman of the Nevada State Gaming Control Board A.G. Burnett agreed with Murren’s remarks, commenting on the pace of the process.
“Nevada is striving to do what it can in regards to compacts” Burnett told Reuters.
“We do not jump into the fire without having done a lot of cautious research and study into the particulars of such agreements, and that phase is nearing completion.”
Murren further admitted that his company has dedicated a team to its online efforts along with the possible compact between the two states.
“We have a big team that is preparing us on a state-by-state basis and on the states that we believe will be the most productive”.
“I think at least 40 of the 50 states are in some stage of debating this (online gambling issue) internally.
“The ones most visible are New Jersey, New York State, Illinois and California” Murren added.
Only in April did Nevada become the first state to launch legal, structured online gaming. New Jersey is currently preparing for an industry-wide online gambling launch on November 26 after 37 companies applied for the first internet gambling licenses available in the state.