American Wagering Announces New Contracts for Keno System
LAS VEGAS, Dec. 2 /PRNewswire/ -- American Wagering, Inc. (Nasdaq: BETM - news) today announced the approval by Nevada regulators for the sale and operation of ``The Game,' the Company's newest Keno product. ``The Game' has been on field trial at the Howard Johnson and Key Largo hotel and casino's in Las Vegas, Nevada.
American Wagering, Inc. also announced the signing of contracts with 6 casinos in Nevada for installation and commencement of operations of ``The Game' at their locations. Contracts were signed with Mandalay Resort Group, Inc. (NYSE: MBG - news) for installation of the Keno system at their Nevada Landing and Gold Strike casinos in Jean, Railroad Pass Casino in Henderson and the Hacienda in Boulder City. Contracts were also signed with Magic Star Casino in Henderson and Crystal Bay Casino in Lake Tahoe. Installation is expected to begin immediately.
``The Game' is a Keno system, which will link casinos statewide into one network and will include a progressive prize in the future. Using a similar technology as the wide-area progressive slot systems around the world, ``The Game' will contain a progressive jackpot, which grows as more and more people play at all the casinos in the network. The progressive jackpot can be won by getting 10 out of 10 winning numbers. Using a themed screen video sub system, which will capture a person's attention unlike traditional Keno systems, 'The Game`` is geared towards increasing the volume of Keno play by offering larger jackpots and exciting visual graphics. The Company plans to further interest from casino patrons in 'The Game`` with soon to be introduced Player Operated Betting Kiosks.
Commenting on the approval and new contracts, American Wagering, Inc. CEO Victor Salerno said, ``We are pleased to receive final approval and begin installation of our wide-area Keno systems in casinos across Nevada. We believe that using kiosks to place Keno wagers and the future use of a large progressive prize will open up new opportunities for casinos to generate higher Keno wagering volume. We are currently in discussions with additional casino properties for installation of the product and hope to update the investment community in the near future on our progress.'
American Wagering, Inc. owns and operates Leroy's Horse and Sports Place, the licensed bookmaker with the largest number of sports book locations (45) in the state of Nevada; CBS, the dominant supplier of sports and race book equipment and software in Nevada and creator and operator of Mega$ports. The Company also owns an Australian subsidiary which operates Mega$ports on the Internet.
The statements contained in this release, which are not historical facts contain forward-looking information with respect to plans, projections or the future performance of American Wagering, Inc., the occurrence of which involves certain risks and uncertainties, including that American Wagering takes financial risks on the outcome of sporting events as a principal betting against the patrons; an increase or decrease in handle is not necessarily indicative of an increase or decrease in revenues or profits. There can be no assurance that ``The Game' will be operated profitably. Investors should also examine other uncertainties detailed in American Wagering's filings with the SEC.
SOURCE: American Wagering, Inc.
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