Monday, April 21, 2014

Robert Smith Talks Tribal Gaming and Online Poker

There is a recent article from dated April 9th, 2014 that quotes Robert Smith fairly extensively.

Here is the link to the article:

Going Commercial By Dave Bontempo Wed, Apr 09, 2014

There is a few paragraph introduction to Indian Gaming.  If you scroll down a bit you will come to this subheading:

Pala: One Powerful Executive

Here are a few quotes:
The Pala group used other people’s money to build its empire and the bank had a long-term customer. Pala later obtained a second $125 million loan for expansion and has paid down most of its debt.
“We only owe about $40 million now,” Smith says. “We could pay it off but would rather leave the credit open in case we decide to do a facelift.”
That formula also concerns gaming’s next golden goose. Smith, the chairman of the California Tribal Business Alliance, says he has personally helped the effort to bring two online gaming bills before the California legislature. He hopes they pass by the end of the summer, enabling all state tribes the option of establishing online gambling.

“It would take from $10 million to $20 million to get started, so most tribes in California would not be able to do it,” Smith asserts, “but this is another case in which everyone will benefit. We will negotiate a fee for the state and we also will build a call center, etc. Hopefully, we will get this one over the finish line.”

Pala has joined with former PartyPoker chief Jim Ryan to form Pala Interactive. While the tribe has not revealed its plans for this venture, an early announcement that Pala has partnered with poker superstar Phil Ivey is just an indication that Pala has grand visions for a legal iPoker industry in California.

Read Full Article Here - Going Commercial By Dave Bontempo Wed, Apr 09, 2014