Elray Resources Inc (ELRA)

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Congress Online Gaming Bill: April 2011

Holy Smokes! Was just doing some research last night and found out that US Congress is to take up bill to legalize online gaming, and the republicans who are usually against it are now going to support it. If a gaming law passes you could see stocks like this catch on fire and BLAST OFF!!!!!

LOAD UP BY APRIL!!!!!

To that end, Harrah's has also been spreading money around to key Capitol Hill lawmakers -- and that effort, too, appears to be bearing fruit. A proposed bill has been making the rounds in Congress -- after a bill aimed at legalizing US online gambling failed last year -- and could be introduced as soon as next month, The Post has learned.

"There's considerable support in Congress to capture the public's share of these billions that just slip through America's fingers to offshore entities, which don't even pay a dime in taxes," said one source familiar with the initiative.

"We're moving on this very quickly," the source said. "We're seeing a lot of money going off shore."

The proposed bill is co-sponsored in the House Financial Services Committee by Rep. Barney Frank (D-Mass.) and Rep. John Campbell (R-Calif.). Sen. Harry Reid (D-Nev.) is quarterbacking the Senate effort.

A source close to Harrah's said "there is little objection to this measure, so we believe it will pass. I don't think anyone will go to war on this."

The head of the House panel, Rep. Spencer Bachus (R-Ala.), in the past has opposed gambling on principles. But sources on both sides of the aisle said the 59 members of the panel are likely to pressure Bachus to put the bill in play since it can soothe many state hardships.

A broad bipartisan group in Congress will finish marking up the proposed bill after the April recess, sources said. It would allow the Treasury and the states to capture more than 10 percent of online gaming revenue, and plant deep layers of regulations across all jurisdictions. Winnings also could be taxed separately.

Read more: http://www.nypost.com/p/news/business/harrah_fed_push_ZKabN4aAICNkyWUcvo6USL#ixzz1GrkGLJcr