This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

British Jackpot Not in Cards

American casino companies that placed big bets on the British market may soon be re-evaluating their chances now that the British government announced a major change to proposed gaming legislation.

Casino operators have announced a flurry of large casino projects for the U.K., contingent on Parliament's deregulation of gambling. The government originally had set no limits on the number of Las Vegas-style regional casinos, opting to let market forces set the number; industry participants had estimated 20 to 40 such facilities.

Earlier this week, the government proposed an initial limit of eight regional casinos, in response to widespread opposition to the legislation from members of Parliament, religious groups and citizens concerned about the social impact of a sudden increase in flashy gambling venues with unlimited slot-machine jackpots. The government said an initial pilot phase would allow it to assess the effects of the new large casinos.

The legislation, known as the Gambling Bill, would dramatically liberalize gaming in the U.K., allowing people to walk off the street into huge new casinos and hit the slots and game tables right away. Under the 1968 Gaming Act, casinos operate as members-only clubs, and new members must wait 24 hours before they can gamble. Each club can have only eight slot machines, with 50 pence (93 U.S. cents) as maximum stakes and prizes up to 2,000 pounds (U.S. $3,706). There were 126 of these casinos in England, Scotland and Wales as of March 2003, according to the government.

Observers note that details of the Gambling Bill remain subject to revision, as the legislation must now pass through a committee of lawmakers before going to the House of Lords early next year. Adding to the uncertainty, a government spokesman said the length of the initial pilot phase has yet to be determined.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AGI $3.86 0.00%
CZR $7.30 0.00%
IGT $15.16 0.00%
MBG $27.17 0.00%
AAPL $110.38 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs