WASHINGTON -(Dow Jones)- President George W. Bush will sign the Security and Accountability For Every (SAFE) Port Act into law next Friday, delivering a blow to U.K.-listed online gaming companies, whose shares tumbled after an Internet gambling ban was attached to the legislation.
The port security bill was one of Congress' final actions before breaking for the November mid-term elections. The legislation, part of an election-year focus on national security issues, is designed to keep nuclear, chemical or biological weapons out of shipping containers on their way to the U.S.
The addition of a provision making it a criminal offense to receive funds related to any online gambling activity that is illegal under state or federal law punished a number of gaming companies listed in the U.K., including PartyGaming (PRTY.LN), 888 Holdings (888.LN), and Sportingbet (SBT.LN). PartyGaming and 888 Holdings said they would shut down their U.S.-facing operations as a result of the legislation.
-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256;
henry.pulizzi@dowjones.com
10-06-2006, 10:43 AM
Linear Mode
