Caesars: Online Bets Could Hurt Land Based Casinos

The world’s largest casino company is cautioning investors that online bets might hurt, rather than help, its brick-and-mortar casinos. Caesars Entertainment, which owns four of Atlantic City’s 12 casinos, wrote in a filing with securities regulators late Wednesday that online gambling could reduce patron visits to its casinos in New Jersey and Nevada, and harm the company’s bottom line. In a report to the U.S. Securities and Exchange Commission, Caesars wrote that Internet gambling will compete with the company’s business in Nevada, where online poker is offered, and New Jersey, where all casino games are now available online. “Caesars will,…