Lasseters shuts down online casino

[Talesman]

8 Oct 2008

AUSTRALIA -- (PRESS RELEASE) -- Following the recent closure of its AusVegas.com.au domain, Australia's Lasseters Corporation Limited has announced that its Lasseters.com.au online casino has also shut.

Effective immediately, Lasseters' flagship brand has ceased all online operations due to the company's inability to compete and retain its market share after the closure of the American market due to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006.

"On September 9, 2008, the shares in Lasseters Corporation Limited were suspended from quotation at the request of the company pending discussions with its parent company regarding continuation of financial support," read a statement on Lasseters.com.au posted on Friday.

"The discussions are still ongoing and the suspension continues to be in place.

"A review on the viability of the online casino operations was made and the board of Lasseters Corporation Limited is of the view that the ability of the online casino to turn around is very remote, despite continuous support from the parent company over the last two years. The online casino has suffered continuous losses and faces numerous constraints resulting in the company's online casino not being able to remain competitive.

"The company accordingly advises that it will today cease taking bets on the company's online casino sites."

[Talesman]

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