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Atlantis disappears

2 February 2003

Resort owner Kerzner International Ltd recently announced its decision to cancel Kerzner Interactive, its internet gambling operation named Atlantis for its flagship resort in the Bahamas. Station Casinos Inc, which had a renewable option to buy a 50 percent stake in Kerzner Interactive, agreed to the termination. In the past year, Station Casinos has discontinued a number of its online gambling ventures. MGM Mirage remains the only leading Las Vegas operator to still be actively involved in online gambling. Both Kernzer International and Station Casinos stated that the decision was due to uncertainity as regards the legalization of online gambling in the United States. Kerzner International added that increased competition and more restrictive play also added to the decision. "Without the potential for expansion into other markets, including the United States, the outlook for new business has substantially decreased and achieving profitability is unlikely in the short-to-medium term," Kerzner told investors this week.

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