Alpha Hospitality Corporation enters into letter of intent for the acquisition of the Cotton Club Casino in Greenville, Mississippi.NEW YORK--(BUSINESS WIRE)--July 13, 1995--Alpha Hospitality 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 :ALHY ALHY Alpha Hospitality Corporation (stock symbol; previously ALH) ; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :ALH ALH Advanced Light Helicopter ALH Amplitude of Lateral Head (Displacement) ALH Alpha Hospitality Corporation (former stock symbol; now ALHY) ALH Advanced Liquid Hydrogen ; WARRANTS:NASDAQ:ALHYW; BSE:ALHW) announced today that it has entered in a letter of intent for the acquisition of all of the outstanding stock of Cotton Club of Greenville Inc., the owner and operator of the Cotton Club Riverboat Casino in Greenville, Miss. Greenville is located on the Mississippi River midway between Vicksburg and Tunica tunica /tu·ni·ca/ (too´ni-kah) pl. tu´nicae [L.] a tunic; in anatomy, a general term for a membrane or other structure covering or lining a body part or organ. on U.S. Highway 82. The Cotton Club Riverboat Casino opened in December 1993 and is one of two casino facilities in the Greenville area. The Cotton Club Riverboat Casino contains 27,000 square feet of casino space and is presently operated with approximately 750 player positions, including 534 slot machines and 30 table games. A restaurant facility is provided on the entry barge which services the riverboat riv·er·boat n. A boat suitable for use on a river. . The Cotton Club owns or leases land for the parking of approximately 1,200 cars. The acquisition includes all of the Cotton Club's owned and leased real estate. The Greenville area has experienced only limited casino development. The company believes that, uniquely in the Mississippi-Louisiana area, Greenville presents a major opportunity for growth in gaming activity. Alpha plans to undertake a major upgrading of the Cotton Club's dockside gaming facility and upland facilities including the addition of facilities for the presentation of major live entertainment and other casino events which the company believes will ensure that the Cotton Club becomes the leading gaming facility in the Greenville market. The letter of intent is subject to Alpha's satisfaction as to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , completion of financing for the acquisition and approval by the Mississippi Gaming Commission. It is expected that the acquisition will be closed within one hundred twenty days. In addition to its dockside gaming facility in Waveland Mississippi, the Bayou Caddy's Jubilee Casino, the company is actively engaged in a number of other gaming projects. The company is working on the completion of its acquisition of the Doc Holiday's Casino in Central City, Colo. Alpha Missouri Inc., a wholly-owned subsidiary of the company, has completed and executed a long term lease with the City of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. , Missouri, for the river front land required for its previously announced riverboat casino project at that City on the Mississippi river. Both of these projects are subject to the issuance of gaming licenses by the relevant state authorities. In addition to its gaming operation, the company's hotel management subsidiary operates 21 hotels for third party owners in several major hotel markets throughout the country. CONTACT: Alpha Hospitality Corporation Sanford Freedman, 212/750-3500 |
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