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Stations still betting on Isle of Man

Aug 13, 2002 11:46 AM

Contrary to rumors, Station Casinos says it is proceeding on its joint e-gaming venture with Sun International. Station execs told GamingToday on Monday that "nothing’s changed" in the company’s plans to buy into Sun’s Internet gaming site on the Isle of Man.

The tech-savvy Station agreed in February to pay $5 million for a 50 percent stake in CasinoAtlantis.com. The deal requires the Isle of Man’s regulatory approval, which could come by year-end.

Station’s Glenn Christenson said the investment with South African gaming mogul Sol Kerzner allows his company to "leapfrog some of our competitors.’’ But rumors continue to fly as court rulings and credit card companies throw cold Âí­water on e-gaming.

Earlier this year, the U.S. Third Circuit Court of Appeal ordered the seizure of $734,000 from a New Jersey company that processed sports bets for British-based books. The judges ruled that Intercash Financial Services ran afoul of U.S. law by "promoting" gambling.

Fearing legal exposure, several top credit card companies have stopped accepting online wagers. That prompted industry analysts to slash their Internet gaming revenue projections by $2 billion for next year.

MGM Mirage, undaunted, is pumping $20 million into its own Isle of Man e-casino and expects to go online by year-end.