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Last year American Wagering looked ready to take on the world. Mega$ports was starting to get recognition in Australia, Leroy's sportsbooks were growing and the company's stock was about $15 a share. But of course the DOJ's sting operation occurred (which I wrote about in an earlier column), the company divested of American Mega$ports, and they also agreed to remove connections from the Australian operation by year's end as a settlement with the Nevada Gaming Commission. As well they delisted themselves from the NASDAQ and went OTC. Revenues were way down, the company looks bleak and today the stock hit 40 cents. Plus, the company earlier this year layed off most of its staff in Vegas.
It seems to me that Janet Reno and the DOJ's purpose in cracking down on offshore gambling may have been to generate some regulatory control (although I have my doubts), but in the end it's only the American public that is going to suffer. It'll be interesting to see what the final outcome of the ban on internet gambling is. It essentially has forced American Wagering out of business, and it has also caused a lot of other casinos in Nevada to re-examine their position. If Kyl, Goldblatt, Reno etc's real purpose for the internet gambling ban was to create unemployment in the U.S., they have done a fine job.
In the meantime, check out my most recent article on Las Vegas and internet gambling at
My Article
[This message has been edited by Hartley (edited 10-12-2000).]
It seems to me that Janet Reno and the DOJ's purpose in cracking down on offshore gambling may have been to generate some regulatory control (although I have my doubts), but in the end it's only the American public that is going to suffer. It'll be interesting to see what the final outcome of the ban on internet gambling is. It essentially has forced American Wagering out of business, and it has also caused a lot of other casinos in Nevada to re-examine their position. If Kyl, Goldblatt, Reno etc's real purpose for the internet gambling ban was to create unemployment in the U.S., they have done a fine job.
In the meantime, check out my most recent article on Las Vegas and internet gambling at
My Article
[This message has been edited by Hartley (edited 10-12-2000).]