MGM Resorts Online is one step closer to becoming the latest operator to receive an online poker license in Nevada, after receiving approval from the State Gaming Control Board (GCB) earlier today.
The meeting was the first since A.G. Burnett took over from Mark Lipparelli as GCB chairman on October 25. MGM will now appear before the Gaming Commission later this month for the final round in the licensing process.
MGM is the second of bwin.party’ US partners to receive GCB approval. Last week Boyd Gaming was given the okay and granted a license by the Nevada Gaming Commission.
In October 2011, MGM Resorts and Boyd Gaming announced partnership agreements with bwin.party to provide online poker in the United States if legislation is passed.
Boyd announced that it will acquire a 10% stake in a new company that would offer online poker to US players under bwin.party’s brands, including PartyPoker. MGM will own 25% of the venture and bwin.party will hold a 65% stake.
Boyd also signed a separate 15-year agreement to use bwin.party’s technology platform to offer online poker to US players under a brand developed by Boyd Gaming. MGM signed a similar technology deal with bwin.party.
Liquidity from the three companies’ brands would be pooled into one US-facing network operating on the PartyPoker platform. Analysts estimate the US market to be worth between $3 billion and $5 billion annually, and bwin.party, MGM and Boyd could grab up to 20% of the market.