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Aussie online gambling site calls it a day
October 3, 2008 (InfoPowa News) — The shock of the recent closing of the veteran Aus Vegas online gambling site by parent Lasseters has been expanded with the announcement to players this week that Lasseters Online Casino is to close as well.
The emailed announcement from Lasseters executive Brian Gordon advises that the Board of Directors of Lasseters Corporation Limited has decided that Lasseters Online Casino will cease operation effective immediately.
“Following the announcement to the Australian Stock Exchange on 9 September 2008, the Directors have taken the subsequent decision to cease the operations of Lasseters Online Casino due to our inability to compete and retain our market share since the closure of the U.S. market in October 2006,” the announcement informs.
“It is therefore with sincere regret we wish to inform you, effective 2:45pm on Friday 3rd October 2008 (ACST); you will no longer be able to play at the Lasseters Online Casino website.
“It is important to note that whilst you will not be able to play, you will still have access to your Lasseters Online account to withdraw your funds.
“To avoid unnecessary delays, please ensure that the personal registration and payment details in your account are up-to-date and accurate.
“Your Lasseters balance, minus any unused bonuses, is available to you immediately by following the withdrawal procedure on our website. Please note if your account balance is lower than $, £, 25 you will need to contact our Customer Support staff — [email protected] — to request your withdrawal.
“Players who have not previously provided age identification and have an existing cash balance are required to provide suitable age ID prior to withdrawing funds.
“To meet the closure of business deadlines, please ensure that your withdrawal request is submitted by Friday 24th October 2008.
“From all of us here at Lasseters Online this is a very sad day. We hope you have enjoyed the Lasseters Online site as much as we have enjoyed delivering our games / services to you, and would like to take this opportunity to express our sincere gratitude for your loyalty over the past 9 years.
“We offer you our best wishes and hope you enjoy good luck in the future.”
More on this story at the CAP Newswire:
Lasseters Shutdown Confirmed (Update)
Parent company suffered AU$15.5 million loss last financial yearOctober 3, 2008 (InfoPowa News) — The closure of Lasseters Online Casino this week has been confirmed by Australian newspaper “The Age” in its business section.
Reporting on the demise of the online company after nine years of operations, the report reveals that shares have been in suspension for almost a month following its AU$15.5 million loss during the last financial year, to allow the company to plead for a capital injection from its parent company, Lasseters International.
In the results, the auditors declared there was “inherent uncertainty regarding continuation as a going concern”.
With Lasseters International yet to decide whether to invest more money, the listed Lasseters Corporation said it was no longer taking bets on its three casino websites, Lasseters Online, AusVegas, and Lasseters Euro.
“A review of the viability of the online casino operations was made and the board of Lasseters is of the view that the ability of the online casino to turn around is very remote, despite continuous support from the parent company over the last two years,” the company said in a statement.
“The online casino has suffered continuous losses and faces numerous constraints, resulting in the company’s online casino not being able to remain competitive.”
Lasseters took its last online casino bets this week.
The company has previously lamented the impact of the Unlawful Internet Gambling Enforcement Act, a 2006 law in the U.S. that disrupts financial transactions with online gambling companies and has caused significant industry damage.
The only online Lasseters division still operating is the online sports betting operation, Lasseters Sportsbook.
