Boomtown, SES Gaming and Hilton Hotels sign letter of intent for potential $165-$220 million riverboat casino, hotel and major entertainment complex in Indiana to serve greater Cincinnati market.RENO, Nev.--(BUSINESS WIRE)--June 14, 1995--Boomtown Inc. (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 :BMTN BMTN Bon à Moyen Terme Négociable (French: Mid-term negotiable bonds) ), the Reno-based operator of western-themed casinos; its partner, SES Gaming Inc. of 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. ; and Hilton Hotels
See: New York Stock Exchange :HLT HLT See: Highly leveraged transaction ), the world's leading gaming and lodging company, Wednesday announced they have signed a letter of intent for a major riverboat casino A Riverboat casino is a type of casino unique to several areas of the United States which use a riverboat as a casino. Several states authorized this type of casino to limit the areas where casinos could be constructed. , hotel and entertainment complex at Lawrenceburg, Ind., on the Ohio River, just outside Cincinnati. The total cost of the project, which would utilize bond or bank financing, will range between approximately $165 million to $220 million dependent upon whether it is a one or two riverboat casino operation. The 150-acre development, subject to licensure by the Indiana Gaming Commission, would feature either the single or pair of gaming vessels operating out of a common land-based terminal. There will be up to 100,000 square feet of casino space and more than 4,000 gaming positions. A hotel with 150 guest rooms, with ample space for room expansion, will be constructed along with a large indoor family entertainment center, one of the largest in the country. More than 2,000 permanent jobs would be created in this southern Indiana locale. Timothy J. Parrott, chairman and chief executive officer of Boomtown boom·town n. A town experiencing an economic or a population boom. stated, "Gene Stunkel, chairman of SES Gaming, and I are very pleased to have this new association with such a respected name on the worldwide hospitality and gaming scene as Hilton Hotels in the pursuit of this exceptional opportunity in Indiana. "The site is within a 100-mile radius of 7.6 million people including 2.5 million just minutes away in greater Cincinnati, where we think the residents will enthusiastically accept our Boomtown western-theme which has proven so popular in Nevada, Louisiana and Mississippi." "The market potential of this area is outstanding," said Raymond C. Avansino Jr., president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Hilton Hotels. "The plans that have been developed would provide the region with a world-class entertainment complex and our company is excited to be associated with Boomtown and SES in this unique casino and entertainment venture." Boomtown and SES Gaming have been among the applicants competing in the licensing process before the Indiana Gaming Commission to operate riverboat casinos out of Lawrenceburg and its adjacent city of Aurora in Dearborn County. If their proposals are granted, Hilton will then apply to the commission for approval in order to become an equity partner in the venture. Prior to the time of receiving its own Indiana gaming license, Hilton would serve the other partners as a combination financier and consultant and be paid certain fees for these functions. Parrott continued: "If we are successful in obtaining an Indiana license, this association with Hilton will be a major milestone in Boomtown's history. We believe the potential of this Lawrenceburg project is extraordinary." Boomtown is a gaming and entertainment company which operates casinos in Reno and Las Vegas; Biloxi, Miss.; and a riverboat riv·er·boat n. A boat suitable for use on a river. operation in Harvey, La., all featuring Boomtown's western theme. Hilton Hotels, known as the world's premier hospitality and gaming company, currently operates five hotel-casinos in Nevada, the Flamingo Casino-New Orleans, the Casino Windsor in Ontario, Canada, and has another under development in Kansas City, Mo. Hilton owns, operates, manages or franchises more than 225 hotels throughout the United States. Conrad International operates hotel-casinos in Australia and Turkey and is developing facilities in Punta Del Este Punta del Este (p  n`tä thĕl ās`tā), city (1996 pop. 8,252), E Uruguay, on the Atlantic Ocean. , Uruguay and Cairo, Egypt. In addition, Conrad International operates hotels in England, Ireland, Belgium and Hong Kong. SES Gaming, is a Nevada-headquartered affiliate of SES Properties Inc., a nationally known developer of major shopping centers, based in Carlsbad, Calif. CONTACT: Hilton Hotels Corp., Las Vegas Marc A. Grossman, 702/699-5095 or Boomtown Inc., Reno Timothy J. Parrott, 702/345-8680 |
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