PRESS RELEASE
PRNewswire - Sun International Hotels Limited, a leading international resort and gaming company, announced today that it has been awarded one of only three online gaming licences by the Isle of Man government, to conduct operations within its jurisdiction. 11 major global entertainment and gaming companies competed to secure the initial licences.
Sol Kerzner, Chairman and Chief Executive Officer of the company, commented, "We are very pleased that we were awarded one of the three licences in a recognized world class jurisdiction. I believe it's testimony to our corporate credibility, gaming experience, superior online infrastructure and real customer knowledge.
"As a company we are committed to operating in credible regulatory environments and aim to set new industry standards for compliance leadership in online gambling. This licence is a great platform to do just that."
Under the leadership of Chief Executive, Tobin Prior, SunOnline will be the dedicated vehicle for the company's move into the online gaming sector. SunOnline recently released a beta test site to ensure that its software performs in accordance with the highest standards.
The company plans to launch The Atlantis online casino in the fourth quarter of 2001, extending the experience of this spectacular casino resort with wide international appeal onto the internet.
Tobin Prior commented, "This is a great opportunity to extend our powerful brands and gaming expertise into the online gaming world. We expect to be one of the first major land based casino operators to participate in the online gambling business, which is currently estimated to be a US$2.2 billion market and projected to grow to over US$6 billion by 2004."
Julian Lalor-Smith, Administrator, Department of Home Affairs, Isle of Man, added, "One of the key reasons we chose to award a licence to SunOnline was that Sun International has a reputation for adhering to strict regulations in managing and owning all its casinos and resorts worldwide.
"In addition, the Department's extensive regulations and Sun International's requirement to operate out of a well-regulated jurisdiction marries well and ensures that regulator and licensee will work together to ensure the Isle of Man continues to lead the world in the regulation of online gambling."
In preparing to exploit fully Sun International's experience in land-based casino operations for this new online business, the Company has taken exhaustive steps to ensure the highest levels of compliance and security. Substantial resources have been invested into research and product development over the past year.
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