Fairground Holdings Out Of The U.S. Market
Published: Tuesday, October 10, 2006 Online-Casinos.com
FAIRGROUND HOLDINGS OUT OF THE U.S. MARKET
Consolidator updates its "wait-and-see" statement
The online gambling consolidator, Fairground Holdings has issued an update of its "wait-and-see" statement of October 3 to confirm that its companies will cease accepting US wagers when the legislation is signed into law by President Bush.
The Unlawful Internet Gambling Enforcement Act, which is attached to a critical port security measure is expected to be signed by the end of this week and seeks to disrupt the financial channels used by American online gamblers to fund their Internet casino and poker room accounts.
Online operations in the Fairground stable that are affected by the Board's decision include Ruby Fortune, Spin Palace,
Cabaret Club and Piggs Peak.
The latest statement says: "The Board is confident that Fairground's remaining operations, which derive revenue from outside the US and comprise some 30 percent of the original turnover, are profitable. The Board is attending urgently to appropriate cost-cutting measures and has adequate cash reserves going forward.
"Fairground Gaming continues to monitor the situation across the rest of its operations and, given the sector upheaval, is reviewing the strategy of consolidation."
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