April 26, 2024

Bill Eadington, Economist and Gambling Expert, Dies at 67

The cause was cancer, said his colleague and friend Richard Schuetz.

Professor Eadington first visited Las Vegas in the late 1960s, and the trip began profitably. While his brother-in-law placed bets at a blackjack table at the Aladdin Casino, he stood behind him counting cards. Soon, they had won about $1,000. Professor Eadington, a math whiz, was pursuing his doctorate in economics at the time and briefly considered applying his skills as a professional gambler. Then he started losing — and he went back to graduate school in California.

Yet over time, he recalled in 2003, he became “a different kind of gambling addict.”

Professor Eadington was the longtime director of the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno. When he arrived in Reno in 1969 to join the university’s economics faculty, he recalled, he expected to find a library “filled with scholarly tomes dedicated to the nuances of gambling.” Few existed.

When he proposed the school’s first course on gambling economics in 1972, one of his guest speakers, a Reno casino pioneer, showed up armed and inebriated.

In 1974, Professor Eadington hosted the first National Conference on Gambling and Risk Taking. It drew not only gambling critics and academics but also casino executives. Known within the industry as the Eadington Conference and originally held annually, it has become one of the field’s most wide-ranging events, featuring international speakers, business school experts, poker players, anthropologists and advocates for gambling addicts.

“He arrived on campus in 1969 and, for all intents and purposes, invented the field of gambling studies,” said Bo Bernhard, a sociologist who is executive director of the International Gaming Institute at the University of Nevada, Las Vegas. “As subfields began to emerge, he had a hand in those as well.”

He said Professor Eadington had the academic independence to navigate what might seem like conflicting worlds, doing consulting work for governments in South Africa and South Korea on the economic potential of gambling even as he served on the board of the National Council on Problem Gambling, which gave him a lifetime achievement award last year.

“Everybody went to him because he was the smartest guy,” Professor Bernhard said. “And he was completely unafraid of being critical of anyone or anything.”

Professor Eadington argued that groups with differing opinions about gambling would make more progress if they worked together, rather than reactively criticizing one another.

“There is still much heated rhetoric that argues on one hand that commercial gaming is ‘nothing more than a modern form of entertainment,’ and on the other that it is ‘one of the most pernicious evils to be thrust onto an unsuspecting public,’ ” he wrote in 2003. “However, the reality clearly lies between these extreme public relations positions.”

William Richard Eadington was born on Jan. 1, 1946, in Fullerton, Calif., and grew up in nearby Brea. He received bachelor’s degrees in mathematics and economics from Santa Clara University and was just 23 when he completed his course work for a doctorate in economics at Claremont Graduate School.

He is survived by his wife of 45 years, the former Margaret Dean; a daughter, Diana Eadington-Reed; a son, Michael; and three grandchildren.

In 2011, Professor Eadington was elected to the American Gaming Association’s Hall of Fame, a small and eclectic group that includes Wayne Newton, Donald J. Trump and David Copperfield.

He often cited lessons he learned from a Methodist minister, Gordon Moody, who helped establish Gamblers Anonymous in Britain in the 1960s.

“I was struck,” Professor Eadington once wrote, “by Gordon’s disdain for other members of the cloth who were so judgmental about gambling, but who really had nothing to offer for those who suffered as a result of it, or for the policy makers who had to figure out how to balance the demands of a general public who wanted to gamble with the legitimate concerns about the negative side effects that result from making gambling available to large segments of the population.”

Article source: http://www.nytimes.com/2013/02/15/business/bill-eadington-economist-and-gambling-expert-dies-at-67.html?partner=rss&emc=rss

DealBook: Playing It Close in Wireless, With an Eye for Satellite Deals

Charles Ergen, chairman of Dish Network and EchoStar, has been on a takeover spree this year, making more than $2 billion in acquisitions.Paul Sakuma/Associated PressCharles Ergen, chairman of Dish Network and EchoStar, has been on a takeover spree this year, making more than $2 billion in acquisitions.

If Charles Ergen has a master plan for his deal-making, the 58-year-old founder and chairman of Dish Network and EchoStar isn’t sharing the strategy publicly.

The billionaire has been on a takeover tear this year, making $2.3 billion in acquisitions. While the businesses operate in similar industries, it is not clear how they will fit in Mr. Ergen’s empire.

Through his loosely connected companies, he has bought DBSD North America, a bankrupt satellite operator; Blockbuster, a bankrupt movie rental chain; the assets of Move Networks, a once high-flying video service that has since sputtered; and Hughes Communications, a satellite Internet company.

He is not done, either. The hard-nosed executive, who is said to have once been thrown out of a Las Vegas casino for counting cards, is closing in on a deal for TerreStar, another bankrupt satellite operator.

With an offer of $1.38 billion, EchoStar has been named the stalking horse bidder, setting the floor for the purchase price. A rival will have to pay at least $1.44 billion to win TerreStar.

If Mr. Ergen prevails, he will score a coveted piece of broadband spectrum. Analysts say the combination of TerreStar and DBSD could be even more valuable — if that is even his plan.

“The only person who truly knows what Charlie is doing is Charlie,” James Ratcliffe, an analyst at Barclays Capital, said. “He is not going to tell us his plans, if he’s made the calculation that disclosing something will reduce his ability to execute on those plans.”

The recent acquisitions all focus on content delivery — whether by satellite or by retail stores — leaving Mr. Ergen several ways to deploy his new assets. Some industry analysts say the spectrum could be used to build out a nationwide wireless broadband network or to partner with a large communications company to support its data needs. Others predict that he will make a big play in mobile video.

As Mr. Ergen and his team piece together a communications conglomerate, the corporate line is that all options are on the table. EchoStar and Dish Network, once a single entity, now operate as sister companies. Dish Network is a largely consumer-facing satellite television provider. EchoStar makes set-top boxes and runs the satellites for the Dish Network service.

Joseph Clayton — who was named Dish Network’s chief executive in May after Mr. Ergen resigned from the position — says he is focused on a broad industry that includes video, data, broadband, Internet and voice telephony.

“We have all of this wireless spectrum, people say it’s for mobile video,” Mr. Clayton said. “It could be a combination of all of the above when we get to the end line.”

“I would say, it’s still a little nebulous,” he added. “But I’m certain we will be one of the leaders in wireless — across the board.”

Mr. Ergen has acknowledged the need to evolve. In a conference call earlier this year, he called the satellite video market a “mature industry.” While Dish Network and EchoStar continue to generate significant profits, their core businesses are facing increased competition from online video providers, like Netflix, and telecommunications companies.

“If you were in the phone business and wireless came along and you kept on putting in a twisted pair of lines, that was still a good business for another 10 years, 15 years,” Mr. Ergen said on the call. “But at some point that wasn’t a very good business.”

As Mr. Ergen reshapes his companies, the new assets should help ease the transition.

Blockbuster, which Dish Network bought for $320 million in April, is highly prized as a global brand with a broad base of customers, Mr. Clayton said. While the company is still hashing out its strategy, Mr. Clayton indicated there are significant cross-promotion opportunities. The network of stores — which seem outdated in the on-demand era of Netflix — could become a platform to reach new Dish Network customers and handle service issues.

“We’re still determining how many locations we’d like to keep, but as long as they’re profitable, we’ll keep them,” Mr. Clayton said. The unit may remain a part of Dish, or it could eventually be spun off as a separate company, he added.

Dish Network is also interested in buying new assets that will complement its spectrum holdings, or other areas of its portfolio. It could, for example, pursue a popular content provider, said Mr. Clayton, a former chief executive of Sirius Satellite Radio, which is currently owned by Sirius XM Radio.

“I would be interested in Sirius, Hulu, Pandora. There are a lot of things that are up for grabs right now,” he said. “I can assure you one thing, I will not be hiring Howard Stern.”

Mr. Ergen — who has a folksy demeanor but tends to avoid media interviews — seems to revel in the murkiness. In a conference call shortly after the Blockbuster deal, he compared his strategy to an episode of “Seinfeld.”

“There’s a lot of things that happen in the first about 28 minutes of that show where you don’t know exactly where that show was going. But it seemed to all come together in the last couple of minutes,” he said, describing the hit 1990s sitcom, often called a show about nothing.

“So it could be a strategy about nothing, if you’re skeptical,” Mr. Ergen said. “But I think that everything we do has a purpose.”

Article source: http://feeds.nytimes.com/click.phdo?i=dff2bbd00d0f2f1c66d9220858a197a4