Wynn Resorts Teams with PokerStars in U.S. Online Gambling Battle

In its effort to make gambling over the Web a regulated and taxable service in the U.S., Wynn Resorts (NASDAQ:WYNN) has partnered with the world’s largest online poker business PokerStars to operate a joint gaming site.

The Las Vegas-based casino resort operator said the deal is pending the passage of federal legislation that will provide law enforcement with tools to stop illegal Internet gambling and establish regulations, including tax collection, for the operation of online poker by experienced operators.

PokerStars CEO Mark Scheinberg said in a statement that the Web site is already closely regulated in many European countries and it has been endorsing the adoption of the same approach in the U.S. for years, noting the alliance with Wynn represents a “critical step in that direction.”

PokerStars is the world’s largest regulated gaming operator and poker site with more than 40 million members. More than 300 million tournaments have been played legally on the site. Currently PokerStars operates worldwide under license from the Isle of Man Government in the U.K.

“As a company that has safely conducted gaming in the U.S. for more than 40 years, we believe that the same can be done for poker on the Internet,” Wynn CEO Stephen Wynn said in a statement. “It is time that the thousands of jobs created by this business and the potentially significant tax dollars come home to the US.”

Once the law is passed, the two companies will launch a joint site called PokerStarsWynn.com