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Blackstone (BX) determined to offload the Cosmopolitan following the Covid-19 pandemic that upended the well-known Nevada city. The company announced last year it was selling it for $5.Sixty five billion – more than $four billion it purchased it for. MGM Resorts (MGM) paid $1.6 billion of that to assume its operations, with the remainder of the cash coming from real property funding corporations.
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In 2006, Congress passed the Unlawful Internet Gambling Enforcement Act, which made it unlawful for wagering companies to knowingly accept cost in connection with unlawful Web gambling (though it does not itself make Internet playing illegal). 109 Pub. L. 109-347, Title VIII (Oct. 13, 2006) (codified at 31 U.S.C. §§ 5301, 5361-67). It also authorizes the Federal Reserve System to create rules that prohibit financial transaction suppliers (banks, credit card firms, and so forth.) from accepting these funds. See 31 U.S.C. § 5363(4). This Act, along with threats of prosecution under the Wire Act from the Department of Justice, has precipitated several Internet playing businesses to withdraw from the U.S. market.
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