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Venetian granted online license in Alderney
by:Richard
Monday, March 17, 2003
A sister company of The Venetian casino resort in Las Vegas has been awarded an Internet gambling license from regulators in Alderney, one of the British Channel Islands. The jurisdiction is known as one of the 'tier one' licensing locations due to its stringent regulations.
The license is the first move towards establishing a Web casino that will be operated by Venetian Interactive Ltd. in conjunction with business partner SSP Gaming LLC. SSP is a subsidiary of SSP Solutions Inc., an Internet security company based in Irvine, Calif.
A launch date and name have yet to be announced, but operational plans should be finalized within the next several months, said David Friedman, assistant to the board chairman of Las Vegas Sands Inc., The Venetian's parent company.
'An Internet gaming license in Alderney provides Venetian Interactive with some of the highest regulatory standards and controls in the industry, which supports our goal of providing a user-friendly gaming and entertainment
experience in a totally secure and trusted environment,' Richard Depew, chief executive officer of Venetian Interactive, said in a statement.
The decision to apply for a license with Alderney regulators reflects the island's stringent regulations that are in harmony with federal and Nevada laws relating to Internet gambling, Venetian spokesman Kurt Ouchida said.
Although the US Justice Department has determined that Internet gambling is illegal, legal challenges in the US have muddied the waters about the legality of online casinos. The state of Nevada is still exploring whether to legalize Internet gambling for in-state residents only.
The Venetian is controlled by businessman Sheldon Adelson, whose Venetian Interactive is only the second major Las Vegas company to introduce an Internet casino. However, this latest development bucks the trend, as other Las Vegas land based casino companies are pulling out of the market, citing uncertainties over profitability and legislation.
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