LAS VEGAS, July 27, 2012 /PRNewswire/ -- Cantor Gaming® and Horse Racing United today announced they have entered into an exclusive provisional agreement under which Cantor Gaming, subject to pending state legislature approval, would provide Horse Racing United the technology and supporting infrastructure required for a world-class intrastate Internet poker platform, capable of offering online poker wagering to registered players in the State of California.
Horse Racing United and Cantor Gaming support the State of California passing legislation to legalize online poker gambling, currently under consideration by the California Legislature, which would generate substantial revenue for California at a time of significant budget challenges, provide further support to the California horse racing industry's 50,000 jobs and $2.5 billion economy and help the state remain competitive as other states consider legalizing online gaming.
The terms of the agreement provide that Cantor Gaming would utilize its technology and supporting infrastructure to develop a legal, authorized Internet poker platform throughout the State of California. The agreement is further subject to Horse Racing United being selected as one of a limited number of licensees to operate an intrastate Internet gambling website. Upon enactment, the legislation would represent positive momentum from 2001 legislation that granted the California horse racing industry exclusive legal rights to conduct Internet wagering on horse racing within the State, making it the only industry authorized to conduct online gaming.
Horse Racing United is a not-for-profit organization representing the interests of substantially all Thoroughbred racing and breeding within California. Members include Santa Anita Park, Del Mar, Golden Gate Fields, Oak Tree Racing Association, Thoroughbred Owners of California, California Thoroughbred Breeders Association and California Authority of Racing Fairs. The breadth and depth of Horse Racing United makes clear that the California horse racing industry is indeed united.
Josh Rubinstein, Senior Vice President, Development of Del Mar Thoroughbred Club said: "In order to provide new revenue for the State, protect California jobs and make sure California is economically competitive, Horse Racing United is committed to working with the State of California to seek a legal Internet poker solution that works for all parties."
Mr. Rubinstein added, "The California horse racing and breeding industry is responsible for the employment of nearly 50,000 Californians, including many lower paid workers who have been hit especially hard by the recession. All told our industry creates approximately $2.5 billion in total economic impact for the State on an annual basis. We are currently the only industry authorized to conduct online gaming, which contributes a significant and growing percentage of our industry's revenue and tax dollars. Cantor Gaming's technological capabilities and infrastructure support can help Horse Racing United provide California with a state-of-the-art platform for online poker."
Lee M. Amaitis, President and Chief Executive Officer of Cantor Gaming, said: "In concert with its affiliates, Cantor Gaming has more than 800 professionals in California, serving gaming, financial, real estate and other industries. As a leading innovator in mobile casino gaming and race and sports wagering, Cantor Gaming is excited about the potential opportunity to support the state's effort to generate significant new sources of revenue during these challenging budget times."
He continued: "As other states begin to move to legalize online gaming, California is well-positioned to leverage its size and generate revenue that otherwise would not exist. The passage of this legislation is essential to Horse Racing United being selected as a licensee. If enacted, it will provide additional financial support to California's Horse Racing industry, adding stability to approximately 50,000 jobs the industry supports directly and indirectly and setting a new chapter in its rich history."
About Cantor Gaming
At Cantor Gaming, we have built upon Cantor Fitzgerald's legacy of integrity and excellence and its unmatched financial technology to create an innovative and unique gaming system that we believe is revolutionizing the gaming experience in Las Vegas. Cantor Gaming is the first company licensed by the Nevada Gaming Commission to manufacture, distribute and operate a mobile gaming system in the state. We operate race and sports books across seven Las Vegas resorts, providing our patrons with an array of over the counter and account-based race and sports wagering at betting carrels and on mobile phones and tablets, as well as casino-style mobile gaming. Cantor Gaming offers casinos the convenience of complete mobile gaming and race and sports book solutions, including proprietary wireless gaming and sports book system, full back-office infrastructure and a portfolio of casino games and wagering products. We are passionate about applying technology to transform gaming and we are continuously using innovations in the operation of our race and sports books, and enhancing our products and technology, to offer customers a unique and memorable gaming experience.
Cantor Gaming is an affiliate of the global financial services firm Cantor Fitzgerald, which has over 65 years experience and unparalleled expertise of highly secure, real-time financial transaction processing, management, and execution. Known globally for superior financial technology and real-time and secure execution of financial transactions, Cantor's clients include the world's leading banks and trading firms. Cantor's technology drives over $500 billion in transactions for the world's capital markets every day. In concert with its affiliates, Cantor Gaming has more than 800 professionals in California, serving gaming, financial, real estate and other industries.
About Horse Racing United
Horse Racing United is a not-for-profit organization representing substantially all Thoroughbred racing and breeding interests within California. Horse Racing United members consist of Santa Anita Park, Del Mar, Golden Gate Fields, Oak Tree Racing Association, Thoroughbred Owners of California, California Thoroughbred Breeders Association and California Authority of Racing Fairs. The California horse racing and breeding industry is responsible for the employment of nearly 50,000 Californians and generates $2.5 billion in total annual economic impact for the State.
SOURCE Cantor Gaming