SPORT OF KINGS PROCEEDS WITH LICENSING
SPORT OF KINGS PROCEEDS WITH LICENSING LAS VEGAS, Nev., Feb. 21 /PRNewswire/ -- On Thursday, Feb. 20, 1992,
the Nevada Gaming Control Board voted 2 to 1 in favor of granting Sport of Kings (NASDAQ: ODDS) a limited gaming license for a period of four months, Sport of Kings announced today. The limitations were imposed, the company stated, because of the fact that the investigative process of the principle investors, James and Stephen Forsyth, had not yet been completed. It is common that investigations involving foreign investors take a longer period of time, and the Forsyths are from the United Kingdom.
While the commission was supportive and sympathetic of the proposed Sports of Kings operation, it was desirous of having the Sport of Kings application and the Forsyths application presented at the same time. As the Gaming Commission was deliberating on the recommendations of the control board, management of Sport of Kings decided that it did not wish to operate under a limited license, as it would be too restrictive to shareholders, employees, customer confidence, and future management plans of the company. They, therefore, requested that the commission refer the matter back to the control board for the completion of its investigation of the applications before the commission makes its ruling. As of today, Friday, Feb. 21, 1992, the current board of the Sport of Kings voted to elect James Forsyth as a director and Stephen Forsyth as a director and co-chairman of the board. The Forsyths and their group of companies who are substantial in the United Kingdom have pledged their continued support of the project and will provide any additional funds that the company may require until opening, and after licensing and opening of the project. -0- 2/21/92 /CONTACT: Dennis L. Amerine, president of Sport of Kings, 702-893-3500/ (ODDS) CO: Sport of Kings ST: Nevada IN: CNO SU: SM-OS -- NY058 -- 1513 02/21/92 16:27 EST
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|Date:||Feb 21, 1992|
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