ILX Incorporated to acquire Debbie Reynolds Hotel & Casino in Las Vegas.PHOENIX--(BUSINESS WIRE)--Oct. 31, 1996--ILX Incorporated (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 :ILEX Ilex a bush bearing berries containing saponins; cause vomiting, diarrhea. Called also holly. ) and Debbie Reynolds For the Chief Veterinary Officer (UK) with a similar name, see . Debbie Reynolds (born April 1, 1932) is an Academy Award-nominated American actress, singer, and dancer. Hotel & Casino Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :DEBI DEBI Diffusion of Effective Behavioral Interventions DEBI DMA Extended Bus Interface ) Thursday announced that they had entered into a definitive agreement whereby ILX will acquire the renowned Debbie Reynolds Hotel & Casino in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The purchase price of $16,800,000 includes 3,750,000 federally registered shares of ILX common stock valued for purposes of the transaction at $2.00 per share, as well as $4,200,000 in cash and $5,100,000 in assumption of mortgage indebtedness. The seller in the transaction is Debbie Reynolds Hotel & Casino Inc. ("DRHC DRHC Développement des Resources Humaines du Canada (Human Resources Development Canada) ") and its wholly owned Debbie Reynolds Resorts Inc. subsidiary. The transaction is scheduled to close following approval by the shareholders of Debbie Reynolds Hotel & Casino Inc., a standard 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. investigation by ILX and satisfaction of various other conditions, which are estimated to be completed early in the first quarter of 1997. The Debbie Reynolds Hotel & Casino consists of 193 rooms in a 12-story structure situated on over six acres. The property is located at 305 Convention Center Drive, just one half block from "the Strip" and one half block from the Las Vegas Convention Center The Las Vegas Convention Center is owned and operated by the Las Vegas Convention and Visitors Authority and is located in Clark County, Nevada. It is one of the largest Convention centers in the world. At the end of 2004, the center had 3. . Hotel amenities include the Debbie Reynolds Hollywood Movie Museum, Debbie's Star Theater, space for a planned full-service casino, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. facilities, a pool and a spa. Forty-three of the hotel rooms have recently been renovated and established as timeshare units. "The Debbie Reynolds Hotel & Casino acquisition provides our company the immediate opportunity for expanded timeshare revenues from on-site sales, and at the same time opens up the prime Las Vegas market as a source of customer leads for our Arizona timeshare properties. We are excited about our plans to use this popular location as a vehicle for introducing our new Arizona Vacation Club product," said Joe Martori, chairman and chief executive officer of ILX Incorporated. "Just as important, we are particularly looking forward to the mutually-beneficial marketing alliances between Debbie Reynolds and our company made possible through this acquisition. As a legend in the entertainment industry, our association with Ms. Reynolds should lead to accelerated and significantly increased awareness of and interest in our various offerings." "This transaction is a mutually-beneficial opportunity for both DRHC shareholders and ILX shareholders and provides for increased potential not previously available to DRHC shareholders," said Todd Fisher, chief executive officer of Debbie Reynolds Hotel & Casino Inc. "The synergy between our Debbie Reynolds Resorts Inc. timeshare subsidiary and veteran developer ILX provides for expansion into new markets and related endeavors." Debbie Reynolds' movie, television and stage career has included roles in such unforgettable big screen favorites as "How the West Was Won," "The Unsinkable Molly Brown," "Singing in the Rain," and "Tammy and the Bachelor Tammy and the bachelor is a 1957 Romantic Comedy and the first of the four Tammy Movies. It stars Debbie Reynolds as Tammy Tyree, Walter Brennan as Grandpa Dinwitty and Leslie Nielsen in an early role as Peter Brent. ." Her featured performance in the upcoming Paramount Pictures feature film called "Mother" is expected to bring renewed popularity to this actress upon its release in December. Reynolds' continuing appeal is demonstrated by the regular flow of fans who visit the Debbie Reynolds Hotel & Casino, where she will continue to perform and make regularly scheduled appearances. ILX previously announced that its Red Rock Collection Incorporated subsidiary ("Red Rock") will acquire the Debbie Reynolds cosmetics line and related video products and engage Reynolds as celebrity spokesperson and promotional partner for the Red Rock line of face, body, bath and hair care products. ILX Incorporated develops, operates and markets upscale vacation ownership resorts and hotels. It is currently marketing interests in projects located in Sedona and Payson, Ariz. and in Colorado, Florida and Mexico. Its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Varsity Clubs of America Incorporated, is developing all-suite, interval ownership hotels near prominent universities, with its first project opened in fall of 1995 near the University of Notre Dame in South Bend, Ind. ILX Incorporated's wholly owned Red Rock Collection Incorporated subsidiary offers a spa-formulated line of face, body, bath and hair care products. CONTACT: ILX Incorporated, Phoenix Joseph P. Martori or Samuel L. Ciatu, 602/957-2777 |
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