American Casinos International announces the acquisition of a casino on Margarita Island.SPARTA, N.J.--(BUSINESS WIRE)--Jan. 16, 1996--American Casinos International, Inc. (Stock Symbol:ACII ACII Associate of the Chartered Insurance Institute ACII Allergy and Clinical Immunology International ) announced today that it has acquired a 50% interest in the Oasis Casino located on Margarita Island. Under the terms of the acquisition, the company will transfer shares of its stock and make certain other preferential payments from the income of the casino in return for its ownership interest. The acquisition was completed on Jan. 15, 1996. "The Oasis Casino presents a great opportunity for the company to expand its operations into the Caribbean and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. ," said John Falco, Jr., president and chief executive officer. Falco noted that "with significant revenues for 1995 and an established customer base, the casino should provide a solid income stream for the company and greatly enhance its continuing development activities." Margarita Island is an active tourist destination A tourist destination is a city, town or other area the economy of which is dependent to a significant extent on the revenues accruing from tourism. It may contain one or more tourist attractions or visitor attractions and possibly some "tourist traps". located off of the coast of Venezuela. In connection with the acquisition, the company will appoint Michael Boettcher as an advisor to the Board of Directors. With more than 25 years of experience in the gaming industry, including positions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , the Caribbean and other locations, Boettcher brings significant casino development and management expertise to the company. During his career, Boettcher has served in management positions, including four years as Casino Coordinator for Bally's in Atlantic City, has developed casinos in a number of locations, including Egypt, Kenya and Turkey, and, under the auspices of the Gaming Board of Great Britain, assisted in drafting the gaming legislation for the Turks and Caicos Islands Turks and Caicos Islands (kī`kōs), dependency of Great Britain (2005 est. pop. 20,600), 166 sq mi (430 sq km), West Indies. There are more than 30 cays and islands, of which only six are inhabited. . Boettcher was instrumental in developing the Oasis Casino in Margarita and is a valuable addition to the company's management team. CONTACT: For more information: 201/729-8729 |
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