Commodore Holdings Ltd. Signs Final Agreement With Casino America.HOLLYWOOD, Fla.--(BUSINESS WIRE)--April 20, 1998--A final agreement has been signed between Commodore Holdings Ltd. (Nasdaq National Market:CCLNF), parent company to Commodore Cruise Line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the , and Casino America Inc. (Nasdaq:CSNO CSNO California School Nurses Organization ). The joint venture, to be called Capri Cruises, will jointly operate casino ships in strategic markets. "This is one of the first instances of a cruise line joining forces with a traditional casino operator. We are confident that the combination of Commodore's expertise in the cruise industry and Casino America's expertise in the gaming industry will provide for an unparalleled vacation experience," said Fred Mayer, vice chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Commodore Holdings Ltd. Jeff Binder, chairman of the board of Commodore Holdings Ltd. stated that "the joint venture with Casino America is another step in implementing the company's business plan of developing niche markets with strategic partners." The first ship to be jointly operated will be the Island Holiday, to be renamed the Enchanted en·chant tr.v. en·chant·ed, en·chant·ing, en·chants 1. To cast a spell over; bewitch. 2. To attract and delight; entrance. See Synonyms at charm. Capri. Commodore recently chartered the 637 passenger vessel, which is expected to begin operations this summer. Casino America currently owns and operates five riverboat riv·er·boat n. A boat suitable for use on a river. and dockside casinos in four locations; Isle of Capri casinos are located in Biloxi and Vicksburg, Miss., and Bossier City, La. It also operates two riverboats at the Isle of Capri Casino in Lake Charles, La. and Pompano Park Harness Racing Track in Pompano Beach, Fla. Through its majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. Isle of Capri Black Hawk, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , it is developing its first land-based casino in Black Hawk, Colo., which is expected to open in early 1999. Commodore Holdings Ltd., with over $50 million in assets, is the parent company of Commodore Cruise Line. Currently operating the Enchanted Isle and the Universe Explorer, Commodore was selected by Travel Holiday magazine as "the best cruise for the money." Corporate headquarters are located in south Florida at 4000 Hollywood Blvd., 385 South Tower, Hollywood, FL 33021. This press release contains forward-looking statements which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, regulatory approvals, permits and business conditions in the cruise and gaming industries. Additional information concerning potential factors that could affect both companies' financial results is included in, but not limited to, their Form 10-K's which have been filed with the Securities and Exchange Commission. CONTACT: Commodore Laura Bennett, 407/425-6040 or Casino America Allan Solomon, Exec. V.P., 561/995-6660 Rexford Yeisley, CFO See Chief Financial Officer. , 601/436-7052 |
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