Donald Trump, the business magnate and television personality, is eyeing a joint venture with Marc Lasry’s Avenue Capital Group to launch a poker room if the market is regulated in the United States.
According to a regulatory filing with the U.S. Securities and Exchange Commission, Trump Entertainment, which hedge fund Avenue Capital took control of last year, would own 10% of the venture. The filing did not disclose the stakes to be held by Donald Trump or Avenue Capital.
Last year, in an interview with the New York Post, Trump revealed his support of online gambling. “Why lose all those billions of revenue? Online gaming is going to happen, so we might as well have it work to the public’s advantage,” he said.
The agreement by Trump Entertainment, Donald Trump and Avenue Capital restricts all three parties from going after competing proposals through May. “One or more other qualified parties” may also participate in the venture, according to the filing.
Todd Fogarty, a spokesman for Avenue Capital, and Brian Cahill, a representative for Trump Entertainment, both declined to comment.
South Point Hotel and Casino owner Michael Gaughan recently opened a play-money poker site on the Zen Entertainment network, while the California Online Poker Association (COPA) launched its beta free-play site on October 10.