Lost horizon

Even as the window of opportunity is slamming shut, “Casino companies are finally starting to see [Internet gambling] as a possible growth engine for the industry and are hoping for congressional help,” writes Motley Fool columnist Travis Hoium. That’d be funny if it weren’t so sad. With the sands of time (as opposed to those of Sheldon Adelson) fast running out on the current Congress and a Republican takeover of the House of Representatives an all-but-done deal, the American Gaming Association is tardily swinging into action.

Given the fiscal advantages outlined by Hoium — “low start-up costs, high margins, high growth potential … everything a company dreams of” — you have to wonder why it took the casino sector so long to coalesce around this issue. Harrah’s Entertainment has been the boldest in the ‘Net-bet arena but audacity may be morphing into rashness as it mulls a takeover of 888 Holdings. If online wagering isn’t made legal in the U.S., this could be the $578 million Macao golf course all over again and another white elephant in Gary Loveman‘s menagerie.

Instead of pushing all-out to legitimize Internet poker in early 2009, the industry pissed away the better part of two years. Even now, Sen. Harry Reid (D-NV) is only beginning to climb off the fence. Given his mind-boggling ineptitude, don’t get your hope ups for an even partial UIGEA repeal.* If Hapless Harry had 99 votes in support, he’d still find a way to screw the pooch. Nor is switching horses to Sharron Angle going to make things better: She’s an outspoken opponent of Internet gambling (and a tacit foe of all other forms of betting, one strongly suspects).

If even an Internet-poker loophole gets snuck through the Senate, it’d be a doggone miracle. Right now this is looking like an epic fail by an industry that was too busy squabbling amongst itself to recognize a common adversary until it had checkmated them. Nice going.

* — It’s hilarious beyond description to hear Reid’s GOP detractors try to paint him as anti-business when he’s been carrying water for gaming and mining interests since time immemorial. The biggest reason for his inaction on UIGEA repeal has been the absence of clear marching orders from Las Vegas Boulevard.