Today, The Beneficial Holdings, Inc., a casino investment and management holding company, announced that it has contracted for getting hold of 7 gaming locations in Nicaragua that has light out an phenomenal number of press releases on its land activities this year, has propounded a progress in finding a white label online casino provider, constricting its search down to two companies.
The management has decided to ditch its bona fide intention to set up in Costa Rica owing to tax and regulatory changes in the pipeline of the country. Instead, it will focus on forming a collaborative venture with an established casino operation that already maintains the proper licensing for online casinos.
The Beneficial Holdings' press release last July 22, 2009, they had announced that they've planned on developing or acquiring a presence in the highly profitable online casino sector. The Beneficial Holdings' primary plans were to handle all customer service matters in house by way of a central location in Costa Rica.
However, during the past several months, Costa Rica's executive department has issued a distinct regulations that make it more challenging for gaming establishments to operate and, as to online casinos, they have issued a diversified highly-priced new taxation system.
The Beneficial Holdings are determined that the proper course of action would be to form a joint venture with an established casino operation that already maintains the proper licensing for online casinos. After viewing various proposals entertained by the Company, and after extensive due diligence and research, Beneficial circumscribed its search down to 2 vendors.
Each vendor would provide all programming and maintenance of the online casino, process all transactions, and provide various technical support. The casino would be built to Beneficial's standards and brand, while continuously providing a thoroughgoing access to all transaction data.
In exchange, the casino developer-processor would receive a commission ranging between 20 and 30%. The Beneficial Holdings is in the final stage of negotiations and expects to announce its final decision within the next 3 weeks. At that time, the Company will decapitate all the required contracts and proceed forward. It will take approximately 60 days to complete the online casino.
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