CROWN CASINO AND CASINO AMERICA EXECUTE DEFINITIVE AGREEMENTS FOR LAKE CHARLES JOINT VENTURE.DALLAS--(BUSINESS WIRE)--March 3, 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) and Casino America, Inc. (NASDAQ:CSNO CSNO California School Nurses Organization ) today announced that Crown Casino and Louisiana Riverboat Gaming Partnership ("LRGP LRGP Lietuvos Respublikos Generaline Prokuratura (Lithuanian: Prosecution Service of the Republic of Lithuania) ") have executed definitive agreements to form a joint venture to develop Crown's Lake Charles, Louisiana
Lake Charles can also refer to Lake Charles, Nova Scotia a lake in the Halifax Regional Municipality, Nova Scotia Lake Charles area riverboat casino project. LRGP is a joint venture owned 50% by Casino America, Inc. and 50% by Louisiana Downs, Inc., an Edward J. DeBartolo company ("DeBartolo"), and owns the Isle of Capri casino in Bossier City, Louisiana Bossier City is a city in Bossier Parish, Louisiana, United States. [1] [2] As of the 2000 Census, the city had a total population of 56,461. Bossier City is closely tied to its larger sister city Shreveport, located on the western bank of the Red River. . Pursuant to the agreement, Crown will sell a 50% interest in St. Charles Gaming Company, Inc. ("SCGC SCGC Sugar Cane Growers Cooperative of Florida SCGC Saginaw County Governmental Center (Saginaw, Michigan) "), its Louisiana riverboat casino subsidiary, to LRGP for approximately $21 million payable over a period of five years. LRGP will be responsible for providing all the financing necessary to complete the Lake Charles project up to $45 million and Casino America will manage the project under the Isle of Capri theme. The agreement also grants LRGP a first right of refusal to enter into a joint venture relationship with Crown for the development of a hotel and casino project on Crown's Las Vegas property, providing Crown elects to develop such property on a joint venture basis. Completion of the Lake Charles joint venture transaction is subject to certain conditions of closing and the approval by the Louisiana State Police for the transfer of a 50% ownership interest in SCGC. Edward R. McMurphy, President of Crown Casino stated "We are excited about becoming joint venture partners with Casino America and DeBartolo who have proven themselves very successful operators in competitive markets in Louisiana and elsewhere." CONTACT: Crown Casino Corporation, Dallas Edward R. McMurphy, 214/352-7561 or Casino America, Inc. Allan B. Solomon, 407/995-6660 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion