$3.2 million cash settlement to Saint Andrews Golf Corp.LAS VEGAS--(BUSINESS WIRE)--Oct. 2, 1996--Officials of Saint Andrews Saint Andrews, town (1991 pop. 11,302), Fife, E Scotland, on the North Sea. A summer resort, it is famous for its golf courses. It was the seat of an archbishop from 908 and the ecclesiastical capital of Scotland until the Reformation. St. Golf Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SAGC SAGC Surface Action Group Commander SAGC Secretary of the Army's General Counsel SAGC St. Albert Gymnastics Club ) announced a cash settlement of its outstanding litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Gordon Gaming Corp. for $3.217 million. The company's dispute was related to recovery of construction costs on a land lease entered into in 1994 for a 33-acre site on the corner of Sahara and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. Boulevard South. The lease, which was cancelled on June 21, 1995, provided for reimbursement of construction costs if it was cancelled in the first five years. The litigation was related to the amount of cost recovery to which Saint Andrews was entitled. Saint Andrews Golf Corp. is the developer of the All-American SportPark, a live-action, participatory sports and entertainment complex for which it has been granted a license from Major League Baseball "MLB" and "Major Leagues" redirect here. For other uses, see MLB (disambiguation) and Major Leagues (disambiguation). Major League Baseball (MLB) is the highest level of play in North American professional baseball. for development of Major League Baseball Slugger Stadium, a full-sized replica of Major League Ballparks. Slugger Stadium enables the baseball fan and athlete to participate in a variety of baseball training and entertainment experiences. The All-American SportPark, under an exclusive license agreement with NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. , also features NASCAR SpeedPark, the "Only Go-Kart Facility Officially Licensed by NASCAR." Other All-American SportPark featured attractions include a major branded Golf Experience, which is comprised of an Executive Golf Course, Driving Range, Championship Putting Course, Clubhouse and Training Center; and a SportsCenter Pavilion, which includes a Multi-Purpose Sports Arena, Sports Bar and Clubhouse Grill, Brand Name Food Court, Sporting Goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport Retail Superstore, Specialty Retail Areas, Special Events Space and a number of lease tenant facilities. The company is currently negotiating with a number of major brand tenants and corporate sponsors. The first All-American Sportpark is expected to be opened in 1997 under a long-term ground lease on a 65-acre property located on a premier site at the south end of "The Strip" on Las Vegas Boulevard. 500,000 shares, or approximately 14% of the outstanding stock, is owned by Three Oceans Inc., wholly owned by SANYO North America Corp., the regional headquarters for SANYO in North America. SANYO Electric Co. Ltd., headquartered in Osaka, Japan, is a multi-billion- dollar manufacturer of an extensive line of consumer and commercial products ranging from environmentally friendly solar cells and CFC-free air conditioning to advanced communications and multimedia systems. CONTACT: Saint Andrews Golf Corp., Las Vegas 702/798-7777 Wall Street Services Inc. 303/220-0265 |
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