Casino Tycoon Neil Bluhm Predicts Growth in Online Casinos
In a recent interview with Forbes, the Chicago billionaire Neil Bluhm said that online casinos would grow significantly than sports betting. Neil Bluhm owning multiple real estate and brick and mortar casinos, is also the CEO of Rush Street Interactive (RSI) that recently went public. According to the tycoon, Rush Street Gaming is currently focusing its energy on internet casinos that it is doing with sports betting.
Since it went public on the New York Stock Exchange, RSI shares continue to flourish, with its price doubling in the last six months. According to the Chicago billionaire, RSI is just getting started with its interest in the internet casinos. The casino and estate magnate believes that the USA financial needs following the COVID-19 pandemic will only increase, leading to its need to move to legalize all online gambling.
Bluhm confirmed what we know now, that only a few states have legalized online casinos. He added that all states were desperate to get more revenue and provide job opportunities, which could lead to most considering the legalization of internet casinos. Bluhm also said that states were concentrating on legalizing sports gambling but predicted online casinos would bring more value.
States Are Yet To Tap Online Gaming
Currently, there are 13 states that allow sportsbook operators to offer players the opportunity to bet in their remote facilities. Yet, only four of these states allow poker and casino games over the internet. These states include Pennsylvania, Delaware, West Virginia, and New Jersey. Although Americans are urged to continue staying home and avoid public or indoor gatherings, they still have no enough online gaming options they can engage in.
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States with legalized online gambling expected to gain huge tax revenue, but most did not reach their target in 2020 because most haven’t tapped on all online gaming. According to Bluhm, RSI is projected to grow like weeds, spreading in as many states as possible. He added that there was potential growth, which contributes to their decision to spread and tap online gaming in various states. Bluhm has 54 percent shares at RSI, which translates to $2.3 billion. The firm is already in eight states, including Indiana, Michigan, New York, Illinois, Colorado, Lowa, New Jersey, and Pennsylvania.
Rush Is Sticking to Its Business Growth Goal
True to Bluhm’s words that RSI is growing like a week, the firm is heavily investing in various gaming space, entering new casino markets every chance it gets. Although the casino remains privately owned by Bluhm and his partners, the company is utilizing the share money it is getting to expand its assets. Currently, the firm owns two casinos in Pennsylvania, one in Illinois and the fourth in New York, operating under Rivers brand name.
After the city voted to allow a gaming facility in the area, the firm will soon start running Portsmouth’s casino in Virginia. Rush Street Gaming plans to spend over $300 million to construct a hotel, a casino, and other entertainment spaces. The development of the rivers casino Portsmouth will mark the beginning of victory boulevard entertainment district, projected to come up.
RSI is also in a bid to acquire a license to run a Chicago resort casino. Chicago announced the chance last fall, with rush street bidding for the opportunity. Moreover, Bluhm is also investing in Illinois after acquiring the Midwest Gaming license for Waukegan casino.