Crescent Operating, Inc. Anticipates Offer to Manage Station Casinos.FORT WORTH, Texas--(BUSINESS WIRE)--June 16, 1998--Yesterday, Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) announced an anticipated increase in their quarterly dividend, plans to commence a rights offering upon completion of the merger with Station Casinos, Inc. (NYSE:STN (SuperTwisted Nematic) A passive matrix LCD technology that provides better contrast than twisted nematic (TN) by twisting the molecules from 180 to 270 degrees. See DSTN. ), and the intention to contribute substantially all of the real estate assets acquired from Station Casinos to a new partnership that will principally invest in casinos. None of these announcements change or revise Crescent Operating, Inc.'s (Nasdaq:COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual ) role in the ongoing casino entity. Crescent Equities has reaffirmed its intention to offer to Crescent Operating the previously proposed investment as the tenant operator of the Station Casino assets. Crescent Operating anticipates that in connection with the closing of the merger between Crescent Equities and Station Casinos, certain operating assets and employees of Station Casinos will be transferred to a limited liability company. It is anticipated that this new LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Station LLC") will be owned 50% by Crescent Operating, 24.9% by an entity owned by three of the existing directors of Station Casinos and 25.1% by a separate entity owned by other members of Station Casinos' management. The Station LLC will operate the six casino/hotel properties currently operated by Station Casinos pursuant to a lease with Crescent Equities. Once this opportunity is formally presented to Crescent Operating, Crescent Operating will have 30 days to review such opportunity as provided for in the Intercompany Agreement. Crescent Operating is a real estate management company which owns, leases or operates a portfolio of assets consisting of seven full-service hotel properties, two destination health and fitness resorts, a 50% interest in Charter Behavioral Health Services, LLC, a 2% interest in refrigerated warehouse facilities, interests in two real estate development corporations, and a heavy equipment sales and leasing business. For further information, please contact Jeffrey L. Stevens, Executive Vice 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 Crescent Operating, Inc., at 817/339-2210.
CONTACT: Crescent Operating, Inc., Ft. Worth
Jeffrey L. Stevens, 817/339-2210
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