Business & Finance
Business and Finance
Business and Finance
Thu, July 23, 2009
Wed, July 22, 2009 Beneficial Holdings, Inc.: Beneficial Holdings Board Approves Plans to Acquire or Develop an Online Gaming Operation
LAS VEGAS, NV--(Marketwire - July 22, 2009) - Beneficial Holdings, Inc. (
The Company believes that, in addition to its developing bricks and mortar casino, bar and restaurant operations in Central America, entry into the growing online gaming industry, which is estimated to reach $48 billion per year by 2010 and top $125 billion by 2015, would immediately enhance revenue growth and visibility of its overall brand for the Company.
Beneficial and its subsidiaries believe that they have positioned the company in Central America in a manner where they are able to carve out a significant segment of the online gaming industry in addition to their strategically placed physical locations without violating any international online gaming laws. "Recognizing international gaming laws, including a prohibition on players from the United States, is an essential part of the Company's strategy to avoid costly regulatory matters that other online casino companies are facing," said Carolina Navarro, President of Beneficial Holdings.
The Company will locate their online casino and call center in Costa Rica and operate it through a subsidiary there. The World Trade Organization upheld Costa Rica's right to host online gaming establishments. "But, as a United States corporation, we recognize and support the Unlawful Internet Gambling Enforcement Act of 2006 and believe we can comply and be extremely profitable by accepting only European and Asian clients," Navarro explained.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby.
