Phoenix Leisure Receives Mississippi Gaming Commission Approvals; Obtains Recommendation for Licensure and Personal Findings of Suitability.Business Editors LAS VEGAS--(BUSINESS WIRE)--June 15, 2000 Phoenix Leisure Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :PLS See playlist. ), is pleased to announce that it received a recommendation for licensure from the Mississippi Gaming Commission. Additionally, the Mississippi Gaming Commission issued a finding of suitability for each of the Company's officers, directors and major registered shareholders. The Company was unanimously approved during the regular monthly meeting of the Mississippi Gaming Commission held on June 15, 2000 in Jackson, Mississippi Jackson is the capital and the most populous city of the U.S. State of Mississippi. It is one of the county seats of Hinds County; Raymond is the other county seat. As of the 2000 census Jackson's population was 184,256. . "This is a significant milestone for our Company and its shareholders as it represents the first time the Company has received a gaming license recommendation in any jurisdiction," commented Eric L. Nelson, the Company's Chairman and President. The recommendation for licensure allows the Company to implement its casino development plans in order to obtain a formal operating license prior to opening a gaming establishment. The Mississippi Gaming Commission must complete a final inspection of the gaming vessel and review compliance with all federal, state and local laws and regulations before giving final approval to open. Phoenix Leisure also announces that it has received approval from the U.S. Army Corps of Engineers to allow for dredging of the permanent mooring MOORING, mar. law. The act of arriving of a ship or vessel at a particular port, and there being anchored or otherwise fastened to the shore. 2. Policies of insurance frequently contain a provision that the ship is insured from one place to another, "and till site of its casino vessel at Bayou Caddy A plastic container that holds a CD or DVD disc for added protection. The bare disc is placed in the caddy, and the caddy is inserted into the drive. A caddy is not a jewel case. A jewel case protects the disc for transportation. A caddy protects the disc while reading and writing. . This permit follows other approvals received earlier from the Mississippi Department of Marine Resources and Department of Environmental Quality. With these approvals, the Company may begin sitework for its proposed gaming development in Hancock County, Mississippi Hancock County is the southernmost county of the U.S. state of Mississippi, situated along the Gulf of Mexico and the state line with Louisiana. It is part of the Gulfport-Biloxi, Mississippi Metropolitan Statistical Area. As of 2000, the population was 42,967. . Additionally, Phoenix Leisure can relocate its casino vessel to the permanent mooring site once the tidelands lease is approved by the Mississippi Secretary of State's office. The Company has modified its original development plans to include a 72-room hotel adjacent to the dockside casino at Bayou Caddy, as compared to its original plan of 205 rooms. "We believe the reduced debt risk makes better business sense in an environment of increased competition along the Gulf Coast. We're confident that we can expand later and demonstrate the long-term viability of the Bayou Caddy site to traditional lenders once we're up and running," stated Mr. Nelson. Headquartered in Las Vegas, Phoenix Leisure Corporation is an emerging developer and operator of niche opportunities in the gaming, hospitality and entertainment industry. The Company's development site for its proposed casino/hotel in Hancock County, Mississippi received the preliminary approval of the Mississippi Gaming Commission in October 1999. Phoenix Leisure owns the Wyoming Downs horse racetrack in Evanston, Wyoming and four off-track simulcasting facilities. Phoenix Leisure Corporation's Chairman of the Board and President, Eric L. Nelson previously developed dockside gaming facilities in Greenville and Tunica, Mississippi. Statements in this release which are not historical facts are "forward looking" statements and "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. statements" under the U.S. 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 that involve risks and/or uncertainties. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed this news release and does not accept responsibility for its accuracy. |
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