LAS VEGAS, Nevada USA -- American Wagering, Inc. today
announced approval by the Nevada Gaming Commission on the
settlement, regarding the disciplinary complaint filed against
the Company relating to their MegaSports Pty, Ltd. Australian
Internet gaming unit.
The Company reached the proposed settlement without
admitting or denying the allegations. The Company agreed to
pay a fine of $10,000 and has agreed to divest itself of any
and all interests and rights pertaining to the Australian
operation. The divestiture may be accomplished by sale,
spin-off or terminating the operations of the subsidiary. The
time frame for the divestiture is 180 days from the date of
acceptance by the Commission. The Company has the right to
request not more than three 60-day extension periods to
complete the divestiture. The Company hopes to update
shareholders in the near future on the plan for divestiture.
American Wagering, Inc. owns and operates Leroy's Horse and
Sports Place, the licensed bookmaker with the largest number
of sports book locations (47) in the state of Nevada; CBS, the
dominant supplier of sports equipment and software in Nevada
and creator and operator of Mega$ports; and AWI Keno, Inc.,
which is the systems operator for interlinked Keno games. The
Company also owns and operates an Australian subsidiary which
operates Mega$ports on the Internet.
The statements contained in this release, which are not
historical facts, contain forward-looking information with
respect to plans, projections or future performance of
American Wagering Inc., the occurrence of which involves
certain risks and uncertainties, including that American
Wagering, Inc. takes financial risks on the outcome of
sporting events; an increase or decrease in handle is not
necessarily indicative of an increase or decrease in revenues
or profits. There can be no assurance that negotiations with
investment groups will be successful. Investors should also
examine other uncertainties detailed in American Wagering
Inc.'s filings with the Securities and Exchange Commission.
(PRNewswire)
