• Casinos go bust on earnings expectations; economy blamed

MGM Mirage, the world''s second largest gambling company, has said it expects to miss Wall Street expectations for the fourth quarter due to weakness in the U.S. economy. Mandalay Resort Group, another Las Vegas-based casino and hotel company, issued its own earnings warning Tuesday. Shares of MGM Mirage closed at $28.89 Wednesday on the New York Stock Exchange, $3.73, or 11 percent, on heavy volume. The day''s weakest level of $26.35 was a new 52-week low, surpassing the prior low of $27.80 set July 24. Mandalay shares ended at $27.01 on the Big Board, off $3.78, or 12 percent. MGM Mirage said it anticipates operating fourth-quarter earnings between 24 cents and 27 cents a share. Analysts'' latest estimates put earnings at about 43 cents a share, according to a survey by Thomson First Call. In the fourth quarter of 2001, the company earned 18 cents a share, excluding costs related to openings and restructuring expenses. [...]

> Read the full story here Source : ATEOnline.co.uk

• Cryptologic to Present at Deutsche Bank Conference

CryptoLogic Inc., a leading software supplier to the Internet gaming and e-commerce industries, today announced that Lewis Rose, interim president and CEO, has been invited to present the company's growth strategy and industry trends at the Deutsche Bank Investor Conference at 10:30am on January 10, 2003. CryptoLogic is honored to be the only Internet gaming software provider invited to address the Deutsche Bank Conference at the American Gaming Summit 2003 in Las Vegas, Nevada. As a pioneer, CryptoLogic continues to help shape the future of online gaming. Internet gaming is a maturing, multi-billion dollar industry that is seeing a growing presence of major land-based operators recognizing the Internet as a synergistic extension of their business around the world. Recognizing this market shift, CryptoLogic continues to emphasize regulatory compliance comparable to the strict standards in land-based gaming and expand its strong roster of international blue-chip customers. CryptoLogic's success is also distinguished by its focus on old-economy fundamentals of cash flow and profitability, which has enabled the company to achieve global leadership in the vast, growing new economy of interactive gaming. [...]

> Read the full story here Source : WinnerOnline.com

• State’s Outlook On Internet Gambling Brighten

New Jersey may also be set to give Nevada a run for their money. This past month New Jersey passed a joint resolution (AJR51) to establish an Internet gambling commission within the state. The resolution establishes a 21 member Internet Gambling Study Commission composed of Legislators, Executive Branch officials and members of the public with expertise or interest in gambling in the State. The commission will conduct a thorough and comprehensive study of the current status and growth of Internet gambling, investigate the amount of money wagered through Internet gambling by State residents and by citizens and residents of this nation, review the extent and opportunities for gambling in the mid-Atlantic region, and analyze the impact of Internet gambling on the economic growth and financial stability of the horse racing industry and the casinos and the lottery in this State. [...]

> Read the full story here Source : GamblingMagazine.com

• Leach Offers Prohibition Bill on Opening Day

The 108th session of the U.S. Congress began yesterday, and Rep. James Leach, R-Iowa, wasted no time introducing a bill that would make online gambling illegal. A spokeswoman for Leach said the text of the bill is virtually the same as that of H.R. 556, the prohibition bill passed by the House of Representatives on Oct. 1. Leach's camp does not have any information on when H.R. 21, the version that Leach introduced Tuesday, will go to committee. A Washington, D.C. source who spoke on the condition of anonymity said the bill will likely be a priority for the House Financial Services Committee. "It's expected to be among the first bills that the House Financial Services Committee considers this year," he said. Leach's spokeswoman said putting an end to online gambling in the United States is something the he believes in strongly. [...]

> Read the full story here Source : IGamingNews.com

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