Purple Lounge Casino and Poker to be bailed out by PearlSlots.com

June 20, 2012 - PRLog -- Pearl Slots Casino is offering special compensation to new players whom lost money as a result of Purple Lounge Casino’s closure.  

San José, Costa Rica - June 08, 2012 - Almost two months after Purple Lounge Casino closed its doors to the general public, a vast amount of players who had an account with the online casino are in the dark as to whether their funds are intact and will be redeemed.
As of May 31st of 2012, Media Corp., the parent company of Purple Lounge Casino stated the following:

“… It has become clear during the review that the financial and trading position of the Purple Lounge division is no longer tenable due to historic operational and financial failings within the business. Accordingly, it is with regret that the Board announces that it has made all of the staff within that division redundant and will be instructing lawyers to file the relevant documentation to put the relevant companies into liquidation.
The Board will specifically request that the appointed liquidators look into the financial arrangements within the Purple Lounge group of companies and to review the position as to player funds.
The Board regrets any corporate failings in the past and seeks to assure shareholders that it is exploring routes to try, in some way, to mitigate the expected player losses, though this is against a background where the Group has loaned well over £1m to the division since its acquisition in October 2009. The Board does not believe that the Group will incur any further liabilities in respect of Purple Lounge over and above the realisation of the above loan.
Notwithstanding the difficult decision it has made, the Board believes that it can put the poor trading of Purple Lounge behind it and will be working to bring the Group back to profitability, as quickly as possible.
Further announcements will be made as and when appropriate.”  (Media Corp PLC, www.mediacorpplc.com/Pages/Press)

Originally Purple Lounge Casino leased Microgaming services, but later changed to IGT (Entraction), which is regulated in Malta by the Lotteries and Gaming Authority (LGA). According to Section 8, Paragraph 40 of their regulations, it is required that all player deposits must be maintained in segregated accounts:
“40. (1) A licensee shall keep players’ funds separately from the licensee’s own funds in a Clients’ account held with a credit institution approved by the Authority.”
Thus, in theory, all players money should not have been manipulated by the company for other purposes; both before, or after closure. However, according to the LGA website, both licenses held by Purple Lounge Casino have been terminated. This may have occurred two months ago coinciding with the site going offline, but it is not exactly clear when this happened as no announcement was made by the Gaming Authority.
According to the half year results (which may be found at http://www.mediacorpplc.com/Public/documents/Media-Corpor...) the parent company is suffering from substantial loses due to high costs and debts, which may make the company go broke within a year unless it finds a way to generate enough revenue to cover these fast. Also, because of the way media exposure has been handled, investors have begun to lose faith on the company. The implication of such is that the company’s stock value has crumbled and reached an all time low.
These facts reveal that players who had money in accounts with them will, at the very least, not see a refund any time soon.
Since it’s not the players fault, as of now Pearl Slots Casino has opened its doors welcoming players who suffered losses at the expense of Purple Lounge Casino’s closure offering special compensation for their loss.

Pearl Slots Casino
Pearl Slots was founded with the vision of creating a better online casino. A place where players can gamble, and participate in exciting community promotions. A casino where winners are welcomed and ecouraged. Because we understand, that above all things, it is our players that keep us in business, and our players whom we must focus on satisfying.

We aim at providing a superior gaming experience. Through our forum we will be featuring constant contests and social promotions. Through our blog you will find new bonuses EVERY week. With Pearl Slots, everyone wins!

Contacts
Follow this format:
Pfizer Inc.
Media Contact:
Joan Campion, 212-733-2798
joan.campion@pfizer.com
or
Investor Contact:
Chuck Triano, 212-733-3901
charles.e.triano@pfizer.com