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Australia's Gocorp Closes Internet Casino12 December 2000QUEENSLAND, Australia – Dec. 12, 2000 – As reported by the Sydney Morning Herald: "The Federal Government's 12-month moratorium on interactive gaming yesterday claimed its second victim as Queensland's Gocorp indicated it would shut down its Internet casino, Ausvegas. "Gocorp, which raised $20 million when it listed in June, told investors yesterday it would be `untenable' for it to continue operating its Internet casino business given the risks associated with any breach of the new legislation. "The bill, passed last week in the Senate, makes it an offence to run an interactive gambling service that was not operating before May 19 this year. "…Although Gocorp's Ausvegas site launched three days before the cut-off date, it is understood the group has been caught out by the legislation's fine print, which dictates operators must have had at least one arm's-length paying customer and kept the same name. "Ausvegas began attracting customers only in June and originally launched under the name SevenRed. "Gocorp indicated it would take legal action against the Federal Government, wanting compensation for the $30 million it has spent developing its business…" |