Alpha Hospitality signs definitive agreement for acquisition of Doc Holliday's casino in Central City, Colo.NEW YORK--(BUSINESS WIRE)--Feb. 1, 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 into a definitive agreement with Mr. F.V. (Dale) Scutti for the acquisition of all of the outstanding shares of Doc Holliday
The casino contains 224 slot machines and four black jack tables. The company previously announced that it had entered into a letter of intent for the transaction. In consideration for the acquisition, the company will issue 92,000 shares of its common stock to the seller. In addition, the seller will receive a five year option for the acquisition of 500,000 shares of the company's common stock at $5.00 per share. The acquisition is subject to the issuance of the required licenses and approvals by the Colorado licensing authorities. It is anticipated that licensing procedures will require several months. Central City is located at an altitude of 8,000 feet in the Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. . It is a historic mining town approximately 45 minutes by automobile from Denver and Boulder and one hour from Vail and Breckenridge. It is one of only three locations in Colorado at which gaming is allowed. The casino is located in two renovated historic buildings which date back to Central City's years as a mining center. The company, through its subsidiary Alpha Gulf Coast Inc., owns and operates the Bayou Caddy's Jubilee Casino at Clermont Harbor in Waveland, Miss., one hour's drive from New Orleans. CONTACT: Alpha Hospitality Corp., Valhalla, N.Y. Sanford Freedman, 914/747-4506 |
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