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Football's Fears Over Gambling Reform15 June 2004UNITED KINGDOM -- As reported by This is London: ``A government-inspired crackdown on gambling took both the industry and the City by surprise yesterday and has sparked fears about levels of investment by UK leisure operators. ``And analysts said that the government's plans could put many millions of pounds of overseas investment at risk. ``Shares in gaming groups took a tumble after the government announced controls to protect youngsters and vulnerable gamblers. Stanley Leisure and Rank lost about 5% of their market value after the announcement by Culture, Media and Sport Secretary Tessa Jowell unveiled details of new restrictions. ``…The impact could have a substantial impact on the football industry where several clubs have been planning a major foray into the gambling arena. ``One US gaming giant planning a huge investment in the UK warned that its plans may be affected by the announcement. ``Las Vegas Sands is in talks with a number of British football clubs over the development of leisure and entertainment centres at their grounds. ``…Rodney Brody, head of UK operations for the company, said modernisation of the UK's gambling legislation was welcome and would enable it to advance discussions with a large number of football clubs, which will bring significant regeneration benefits to the UK. ``But, he added, the proposed cap on gaming machines will affect the level of this regeneration…" |