Las Vegas From Home Completes Sale of Poker Sites

Las Vegas from Home.com Entertainment Inc. (LVFH) has closed the sale of its subsidiary Action Poker Gaming Inc. (APG) for $2.6 million. APG is the company's name for its group of poker sites that used to be available to American players, but this sale means that LVFH will no longer own or maintain any sites serving Americans.

LVFH decided to sell its U.S.-facing sites to Playsafe Holdings of Norway soon after the Unlawful Internet Gambling Enforcement Act was signed by the President. The sale now allows the company to throw all its resources at developing software aimed for the huge online gambling market in Asia.

The sale will include, among other things, all of the Action Poker brands, the operating infrastructure in APG and an undivided interest in the software used by the LVFH to run the APN.

The $2.6 million was $250,000 more than the original price of the sale, which was announced in Oct. 26.

Company President Jake Kalpakian had this to say about the sale:

"The sale of APG and associated properties will now allow the company to streamline its operations and focus on building upon its promising Asian Multiplayer Software Platform (AMSP) which now has two licensees and is already generating revenues," he said. "Furthermore, the company has been receiving a tremendous amount of interest for this particular product from prospective licensees. We believe our unique software should enable us to capitalize on niche or nascent market opportunities in that region."

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