Lasseters Closing Online Casino Sites

Published on: October 7, 2008 

Lasseter’s, a popular online gaming company, has announced that they are shutting down all of their online casino and poker room websites effective immediately.  This announcement comes on the heels of the company announcing that they are closing the AusVegas online casino on the 13th of October, but the Board of Director’s for the company have decided that anything with the Lasseter’s online casino brand – including their flagship – were to be shut down immediately.  

Lasseter’s is yet another casualty of the closure of the American online gaming market in 2006 with the passing of the Unlawful Internet Gambling Enforcement Act.  In a statement that was posted Friday, October 3, 2008 for Lasseter’s members to see on all of their sites, the company’s director’s stated that they decided to close their doors now instead of waiting and cited that they were unable to ‘compete and retain its market share’ since 2006.

The online casinos branded by Lasseter’s have been suffering losses since the closure of the US market, and they have been dealing with constraints due to lack of competitiveness even though their parent company has been supporting them for the last two years.  Players who logged onto the Lasseter’s sites on Friday found that they were unable to play their favorite games but were still able to access their accounts in order to withdraw their cash funds.  Players have until Friday October 24, 2008 to make their withdrawal requests in order to meet the deadline for the closure of business, or else they will forfeit any winnings they had in their online cash accounts.

Lasseter’s shares were suspended from being traded on the Australian Stock Exchange in September per the request of the company, while management and the Board attempted to come to a resolution about continuing the website’s financial support or closing their doors.  The suspension is still in place, but the company shutting down the websites has pretty much made that a moot point.  In September, the company reported an operating loss of AUD $15.5 million for the fiscal year ending June 30, 2008.   

The online gaming sites would’ve had to renegotiate their current terms and conditions with their parent company in order to continue getting support.  This was part of the suspension of trade last month of the stocks, but the Board’s decision to close the sites may help boost the parent companies flagging stock even though members of the websites will be disappointed with the outcome and the loss of their gaming.

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