Beneficial Holdings Supports for Safe and Secure Internet Gambling Initiative
April 1, 2010 (CAP PR Wire) – Beneficial Holdings (PINKSHEETS: BFHJ), a gaming and hospitality management company, which plans to unveil its Internet casino for non-United States residents in April 2010, announced that it supports the Safe and Secure Internet Gambling Initiative.
Presently, gaming enthusiasts in the United States must turn to Internet casinos that are located outside of the United States. Many operators are not licensed to run their casinos. As a result, taxes are not paid and United States citizens are not employed. States and Tribal Communities lose millions of dollars every month that could be earmarked for social programs. Current legislation does not stop Internet gaming, it simply moves it to alternative locations.
While our subsidiaries are creating an online casino licensed in Costa Rica, and we expect to have it available for non-U.S. residents this coming month on the website www.bet.cr, the Company would gladly license itself in the United States for domestic residents if federal regulations allowed the activity.
Representative Jim McDermott (D-WA) introduced the Internet Gambling Regulation and Tax Enforcement Act of 2010, which provides that taxes and fees collected from wagers placed over the Internet would create revenue for federal and state budgets. The legislation contains provisions that allow States and Tribal Government to receive six percent of all deposits placed in their jurisdiction. Taxes would support foster care programs with over $40 billion per year.
Representatives Barney Frank (D-MA), Chairman of the House Financial Services Committee, and John Larson (D-CT), Chair of the House Democratic Caucus signed on as co-sponsors of the 2010 Act. This statute would allow licensed operators to accept wagers from individuals in the U.S. Chairman Frank’s proposal would mandate consumer protections and the rights of each State and Tribal Government to determine whether to allow online gambling activity within their borders. More than 65 co-sponsors support the bill.
Beneficial Holdings invites interested parties to visit www.safeandsecureig.com to learn more about the legislation and for assistance in contacting their representatives to support the proposed laws. Alternatively, shareholders can contact their representative by visiting http://www.house.gov/house/MemberWWW_by_State.shtml to identify their representative. Shareholders should explain that they support the right of United States citizens to gamble online with safe and reputable casinos that choose to be licensed domestically. We advise that you support the Internet Gambling Regulation and Tax Enforcement Act of 2010 and request the House of Representatives to finalize a bill to provide safe domestic Internet gambling.
“Beneficial Holdings’ international subsidiaries plan to stay within the federal law by not making its casinos available to United States residents. However, that does not mean the law should not be changed. We would rather hire employees in the United States and pay fees for licensing to States or Native American Tribal Communities to serve our domestic customers,” Alex Papic, Vice President of Beneficial Holdings, Inc., said.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is an international casino investment and management holding company, specializing in acquiring undervalued gaming assets. The Company presently maintains one hotel and two physical gaming properties. The company funds its acquisitions with private investment capital with the intent to increase shareholder value while building a world-class gaming operation.
The Company’s authorized shares are 903,000,000. Presently, there are 627,115,349 restricted shares. There are no more than 275,884,651 free-trading shares. The Company has no intention of increasing its authorized shares.
This release does not constitute an offer of securities for sale. It contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause results to differ. Statements are based on information available as of today and the company undertakes no obligation to update any statement to reflect future occurrences.