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Most Recent Online Casino News
Youbet.com Makes Bid for Online Sports Wagering Company
Youbet.com announced Wednesday
that it is attempting to acquire American Wagering Company for $9.5
million.
According to a release from Youbet.com, American Wagering Company
supplies nearly 85% of the sports wagering computer systems in use by
Nevada casinos.
American Wagering and its wholly-owned subsidiary, Leroy’s Horse and
Sports Place, are operating under Chapter 11 of the U. S. Bankruptcy
Code. Leroy’s operates Nevada’s largest statewide network of sports and
wagering facilities in the state, with 49 locations and plans to expand
to 60 outlets by Dec. 1 of this year. The Youbet.com offer was part of a
competing reorganization plan filed with the bankruptcy court in Reno,
Nevada. Half of Youbet.com’s offer is in the form of cash and the
remainder would be stock in the online wagering company.
According to Youbet.com, the bankruptcy court recently denied
American Wagering’s motion to exclude Youbet.com and other interested
companies from filing competing plans to acquire AWI. The bankruptcy
court has scheduled a hearing on Nov. 12 to consider Youbet’s motion to
approve the proposed disclosure statement to accompany its
reorganization plan. If Youbet’s motion is granted, the bankruptcy court
will consider all competing plans at the confirmation hearing currently
scheduled for Feb. 14, 2005.
Read the
entire article at:
Bloodhorse.com
2004 Online Casino News Archive
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