Concorde Gaming Corporation Finalizes Buy-Out of Partners in Florida Casino.Business Editors RAPID CITY, S.D.--(BUSINESS WIRE)--April 5, 2000 Concorde Gaming Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CGAM CGAM Centre for Global Atmospheric Modelling (UK) CGAM Computer Generated Images for Advertising & Marketing (conference) ) announced today that it has acquired the remaining 20% interest in Bayfront Joint Venture, the partnership which owns and operates the Casino Princesa. The company formed Bayfront Joint Venture in August 1997 to construct and operate the Casino Princesa, a state of the art off-shore gaming vessel from docks in Biscayne Bay Biscayne Bay (bĭskān`), shallow, narrow inlet of the Atlantic Ocean, c.40 mi (60 km) long, SE Fla. Famous resort areas, including Miami and Miami Beach, are on the NW and NE respectively. Tourism is the economic mainstay. , Florida. The Company owned 80% of the partnership and Gold Coast Entertainment, owned 20%. As part of the transaction, Michael Hlavasa, one of the two proprietors of Gold Coast, will remain with the Princesa Casino as Managing Director. Concorde's President and Chief Executive Officer, Jerry Baum, stated, "The Company was very excited at the opportunity to acquire 100% of the Casino Princesa. The Casino Princesa is the premier gaming vessel in Miami and we believe that our owning 100% of the partnership will have a direct impact on our bottom line. We currently own 100% of our other gaming properties and this move allows us to continue to execute that strategy and allows us to implement and consolidate a marketing plan for the Company's various gaming properties." Concorde Gaming Corporation specializes in the development and management of casinos. The Company has interests in limited stakes gaming at its Golden Gates Casino in Colorado, and day cruise gaming through its Casino Princesa, sailing out of Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. . Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, changes in gaming regulations and tax rates in Colorado, Florida and other jurisdictions that could impact the Company's operations, changes in economic conditions, declining popularity of gaming, increased levels of competition and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. Note: News releases and other information on Concorde Gaming can be accessed at www.cgam.com on the Internet. |
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