Billions of Revenue Available With Approval of Online Gambling
Kenilworth Systems Corporation Herbert Lindo, Chairman and CEO of Kenilworth, stated: "The live in-progress roulette test at the Sosua Grand Casino, Puerto Plata, Dominican Republic, viewed globally, has now passed the first month and thousands that have played at the table have proven that on line gaming is a viable, profitable business. Many players at the table have family and friends watch their table play. Foreign gamers will always visit the casino at which they are playing from home. We now look forward to working with our technology with the more than two thousand (2,000) Casino Operators throughout the industrialized world and we are inviting U.S. and International business alliances." The six (6) month test at the Sosua Grand Casino has the exclusive sanction of the government of the Dominican Republic and their Casino Control Commission and is a joint venture conducted by Caribbean Casino and Gaming Corp., the casino operator, and Kenilworth Systems Corporation.
Mr. Lindo further stated that The U.S. Treasury Department's decision to delay the implementation of Bush Administration's "Unlawful Internet Gambling Enforcement Act of 2006" until June 1, 2010 provides a great opportunity for House Financial Services Committee Chairman Congressman Barney Frank (D., Mass.) to gather momentum for passage of his Internet Gambling Consumer Protection and Enforcement Act (HR 2267). The Act would allow American gamblers the freedom to make use of the Internet, which could lead to raising billions of dollars for all fifty (50) states for use in closing budget gaps, for schools, local government services and job creation, without the use of TARP funding.
In the event of Congressional approval of a $10.00 fee (tax) for multiple admissions to all casinos located in Las Vegas, Reno, Atlantic City and the 310 Native American Indian Reservations that offer casino wagering are found acceptable, the fee (tax) paid by the casino operators can be charged to promotional costs. The payments would be managed by the Secretary of the Treasury.
PricewaterhouseCoopers released a study showing how the U.S. government could reap close to $63 billion in tax revenue over a ten (10) year period from Internet gaming.
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-Q and other filings made by the Company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and Kenilworth undertakes no obligation to update such statements.