Zachvdp
11-19-2006, 04:39 PM
In fridays NY Post,
HOUSE WIN FOR CASINOS
November 17, 2006 -- MGM Mirage shares jumped yesterday on the likelihood that Democratic control of Congress will improve the chances of repealing a ban on online gambling signed into law last month.
A bill may be introduced in the current session or next year that would study the feasibility of regulating and taxing online betting, MGM Mirage CEO Terry Lanni said at an industry trade show in Las Vegas yesterday.
Rep. Jim Leach of Iowa, a Republican who sponsored the original measure, lost his re-election bid and Sen. Harry Reid, Democrat from Nevada and the new Senate majority leader, said he would look at the study, Lanni said.
Shares of MGM Mirage, the world's second-largest casino company, rose $2.16, or 4.7 percent, to $47.96 in New York Stock Exchange composite trading. The stock is up 31 percent this year.
The law signed by President Bush on Oct. 14 prohibits U.S. companies from taking bets online and bars banks from processing transactions to offshore casinos. The bill has been criticized because it exempts betting on horse racing and lotteries and does not prevent gamblers from accessing offshore casinos through intermediary Web sites.
HOUSE WIN FOR CASINOS
November 17, 2006 -- MGM Mirage shares jumped yesterday on the likelihood that Democratic control of Congress will improve the chances of repealing a ban on online gambling signed into law last month.
A bill may be introduced in the current session or next year that would study the feasibility of regulating and taxing online betting, MGM Mirage CEO Terry Lanni said at an industry trade show in Las Vegas yesterday.
Rep. Jim Leach of Iowa, a Republican who sponsored the original measure, lost his re-election bid and Sen. Harry Reid, Democrat from Nevada and the new Senate majority leader, said he would look at the study, Lanni said.
Shares of MGM Mirage, the world's second-largest casino company, rose $2.16, or 4.7 percent, to $47.96 in New York Stock Exchange composite trading. The stock is up 31 percent this year.
The law signed by President Bush on Oct. 14 prohibits U.S. companies from taking bets online and bars banks from processing transactions to offshore casinos. The bill has been criticized because it exempts betting on horse racing and lotteries and does not prevent gamblers from accessing offshore casinos through intermediary Web sites.