CLARIFICATION OF BW1066 -- CROWN CASINO TO PURCHASE LAS VEGAS CASINO.DALLAS--(BUSINESS WIRE)--July 17, 1995--Crown Casino Corporation (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 :DICE) today announced that it has entered into a definitive purchase agreement to acquire the Bourbon Street Hotel and Casino Bourbon Street Hotel and Casino was an off-strip hotel and casino located in Las Vegas, Nevada. The 166 room hotel and 15,000 ft² (1,393 m²) casino was owned by Harrah's Entertainment. (the "Bourbon Street Bourbon Street (French: Rue Bourbon) is a famous and historic street that runs the length of the French Quarter in New Orleans, Louisiana. When the city was founded in 1718, it was originally centered around the French Quarter. ") in Las Vegas, Nevada from Starwood Lodging Trust and Hotel Investors Corporation of Nevada. The cash purchase price is $10 million. Completion of the transaction is subject to certain conditions including the completion of 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. procedures by July 21, 1995. Closing is expected to occur on or before October 21, 1995. The Bourbon Street is located on Flamingo Road approximately one block east of Las Vegas Boulevard and is across from Bally's Hotel and Casino. The Bourbon Street has approximately 420 slot machines and 15 table games over its 15,000 square feet of gaming space, 166 hotel rooms, including 16 suites, and has reported annual revenues of approximately $12 million. In connection with this acquisition Crown will apply for a Nevada gaming license. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , the property will continue to be operated by Hotel Investors Corporation of Nevada under a lease with Crown. Edward R. McMurphy, President of Crown Casino stated, "We are excited at the opportunity to enter the Las Vegas market with this strategic acquisition and look forward to making improvements to this property as well as focusing on other opportunities in the area." CONTACT: Crown Casino Corporation Edward R. McMurphy, 214/352-7561 |
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