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Casino Featured Gambling Financials

Dubai gambles on Las Vegas casino giant MGM Mirage

Gambling is considered illegal in Dubai, yet Dubai’s state owned investment company, Dubai World, bought a piece of Las Vegas on Wednesday, announcing an investment of US$5 billion in MGM Mirage.

MGMDubai World, the state-owned investment firm in this fast-growing Persian Gulf emirate, will pay US$2.7 billion to acquire a 50 percent stake in CityCenter, a 76-acre urban metropolis with upscale hotels, condos and retail to open by 2009.

The transaction also includes up to $2.4 billion in stock purchases, giving Dubai World an approximately 10 percent interest in MGM. Some of the shares will be purchased through an $84-a-share tender offer, a 13 percent premium to Tuesday’s closing price of $74.32.

The company, owned by the ambitious ruler of Dubai, Emirates’ Vice President and Premier Sheik Mohammed Bin Rashid al-Maktoum, also intends to acquire an additional 14 million shares from public shareholders, the company said Wednesday.

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Casino Gambling News

State of Florida betting on Vegas style gambling

Florida GamblingFlorida’s government has three more weeks to make a deal with the Seminole Tribe over bringing Las Vegas style gambling to its casinos after the U.S. Interior Department extended Tuesday’s deadline for an agreement to Sept. 11.

The Seminole tribe believes it can bring Class III games like blackjack and roulette to its Florida casinos because the state allowed Las Vegas style slot machines in Broward County dog and horse racing tracks and a jai-alai facility.

The state is seeking a share of the tribe’s revenue, as well as regulatory oversight over some of the operations. In exchange, the Seminoles could be given exclusive rights to those games. Currently the state gets no share of the revenue and the games are regulated by an Indian Gaming Commission.

Governor Crist would not reveal the state’s goals in the negotiations. He said he didn’t want to share them because “I don’t want you to be disappointed if they’re not achieved. It’s a delicate negotiation and it’s been extended now.”

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Casino Gambling News

Smoking bans attacked on both sides of Atlantic

nosmoking signA landlord from the UK and a multi-millionaire entrepreneur in the US are leading the charge against smoking bans on both sides of the Atlantic. Les Fuller, landlord at the Seven Stars in Bury, ended his tenancy after claiming the smoking ban would cost him thousands of pounds in lost revenue, while in the US Donald Trump has written a two-page letter to Atlantic City mayor Bob Levy and city council president William Marsh, suggesting that gamblers are fleeing casinos for states that don’t curtail smoking.

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Casino Gambling News Lottery

Slot machine proves a little too generous

loose slotsGamblers at the Twin River casino in Rhode Island were given more than they bargained for after a video lottery terminal awarded credit for twice as much money as had been inserted and erroneously paid out $450,115 over two months. A spokesman for the machine’s supplier said the machine’s money-doubling feature was turned on, apparently by accident.

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Casino Gambling News Online Casinos

World Poker Tour(R) Bets on Casino-With CryptoLogic

WPT’s Internet casino powered exclusively by CryptoLogic’s award-winning software

wptVegas-style online casino action is now available from one of the world’s top names in poker entertainment. CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a leading software developer to the global Internet gaming market, has launched a new casino on World Poker Tour®’s (WPT) gaming site (www.worldpokertour.com), customized to match the look, feel and functionality that WPT’s devoted players enjoy.

Under an agreement between CryptoLogic’s wholly-owned subsidiary, WagerLogic Ltd., and WPT Enterprises Inc. (NASDAQ: WTPE), CryptoLogic will be the sole software provider for the new casino site. The companies also joined forces in April to launch WPT’s new Internet poker room, featuring CryptoLogic’s proven poker software.