U.S. law causing turmoil in online gambling industry

As reported by The New York Times

LONDON, England -- "The online gambling industry is undergoing a seismic shift just weeks after a new law cut off much of the business in the United States.

"Big public companies have lost billions of dollars in market value and millions of customers as they shut their United States Web sites for sports betting, poker and other games. Those companies are anxiously searching for acquisition partners and new customers. But business is booming at some smaller private companies, which have continued to operate in the United States despite the ban.

"Britain, meanwhile, is trying to drum up international support for regulation of the industry outside the United States. As the first large Western government to explicitly allow businesses to set up shop on its soil, Britain has stood to benefit enormously from taxing Internet gambling companies that moved here.

"...The British government has been sharply critical of the United States law. United States lawmakers said they passed the ban out of concern that the sites would increase gambling addiction and social problems.

"...Many of the largest public online sites, like PartyGaming and Sportingbet, got the majority of their revenue from the United States

"...Despite its intentions, the Internet bill has not eliminated online gambling in the United States, say analysts and players..."

French Lick casino opens
As reported by the Louisville Courier-Journal

FRENCH LICK, Ind.– "A long-awaited moment in French Lick, Ind., will arrive Tuesday when investors snip the ribbon on Indiana's 11th casino and unveil a refurbished century-old hotel.

"The opening of the $382 million French Lick Springs Resort & Casino is viewed as a huge step in a decade-long push to revive gambling and reverse Orange County's woeful economic fortunes.

"…Starting this morning, after a brief ceremony and ribbon-cutting, invited guests will try out the slot machines and play poker and blackjack until midnight.

"Then the 1,200-slot casino will close for two days and open to the general public Friday if the Indiana Gaming Commission gives the green light after final inspections.

"Overshadowed by all the hoopla is the high-stakes gamble being taken by the developers — the Bloomington medical-device manufacturer Cook Group Inc. and the real-estate developer Lauth Property Group Inc. of Indianapolis.

"They are betting that the casino, the state's smallest, can churn out enough revenue to repay at least $305 million in long-term debt and fund a charitable foundation."