MAJESTIC DEVELOPMENT & MANAGEMENT CORPORATION SIGNS AN AGREEMENT TO PURCHASE TWO COLORADO CASINOS
MINNEAPOLIS, March 17 /PRNewswire/ -- Majestic Development & Management Corporation announced today that it has signed an agreement to purchase 50 percent of the Long Branch and Terps casinos located in Central City, Colo. Majestic purchased its interest in the facilities from CC Traders of Central City and V.T. Limited Liability Company of Wyoming. Terms of the purchase were not disclosed but are contingent upon approval and licensing from the Colorado Gaming Commission. Majestic President Jack Deming said, "The Long Branch is a well established casino and we have great potential to generate increased revenues by expansion into the second facility, Terps, which is adjacent to The Long Branch. We are looking forward to working with existing management to expand the gaming operations at both sites and increase their appeal," he said. Majestic is also negotiating to acquire a parking lot located between Central City and Blackhawk to service both casinos by shuttle. Established in June 1992, Majestic Development & Management Corporation was formed to develop and manage gaming facilities in states that allow limited commercial gaming such as Colorado, South Dakota and Mississippi. The company also works with American Indian tribes in developing and managing gaming facilities and other economic development projects. The company's common stock is traded on the Minneapolis-St.
Paul local over-the-counter market.
-0- 3/17/93 /CONTACT: David Neuger, (Home) 612-699-6730, or Errin Kratochwill, (Home) 612-224-2462, both of Edwin Neuger & Assoc., 612-333-6621, for Majestic Development/
CO: Majestic Development & Management Corporation ST: Minnesota, Colorado IN: CNO SU: TNM
AL -- MN006 -- 8935 03/17/93 13:47 EST
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|Date:||Mar 17, 1993|
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