MGM Mirage awarded Isle of Man Internet Gaming Licence

MGM Mirage awarded Isle of Man Internet Gaming Licence

MGM Mirage, one of the largest hotels and casinos groups in the world, recently announced it has been granted an Internet gaming licence from the Isle of Man, an autonomous British crown dependency. The licence is one of just three to be awarded and marks the first steps towards a launch of a site offering traditional casino games on the Internet in around a year.
MGM Mirage owns some of the world's most famous gaming and hospitality landmarks like the Golden Nugget Casino, the Mirage and the MGM Grand in Las Vegas. The company was voted for several years Fortune magazine's most admired company in the gaming sector and has also featured in the overall US top ten.
Commenting on the launch, Terry Lanni, Chairman and Chief Executive Officer of MGM Mirage said: "Internet gaming holds the promise of large revenue streams, however at MGM Mirage, we are clear that this can only be achieved if such services are marketed and regulated appropriately. That is why MGM Mirage applied for a licence with the Isle of Man as our assessment is that it has the necessary licensing and regulatory structure to give faith to consumers."
Some analysts have estimated the global market value to be worth $1.5bn in 2000, and expectations of $5bn by 2003 and potentially $10bn by 2005.
Mr Lanni made clear that MGM Mirage intended to move forward deliberately, but cautiously. "We look forward to working closely with the Isle of Man government and cosmetic regulatory authorities to develop a safe, secure and enjoyable Internet gaming system which provides satisfactory assurances that Internet wagers are only accepted from jurisdictions in which such activity is legal, that underage gaming is prevented, and that access to problem gamblers is limited.
"The full potential of interactive gaming as an entertaining and safe form of on-line activity will never be realized without the participation of the existing legal, licensed casino industry." said Lanni. "MGM Mirage intends to take a leadership role in developing the appropriate path to safe, responsible and enjoyable interactive gaming and is actively working with The American Gaming Association to develop a code of conduct for Internet Gaming Sites. We will then take this template forward for discussions with local stakeholder groups.