CASINO JOURNAL SIGNS LETIER OF INTENT TO ACQUIRE "POKER DIGEST".
Poker Digest, launched in 1999, is a biweekly magazine focusing on the poker and card club niche market of the gaming industry. Casino Journal noted that card clubs, originally found only in Western states, have expanded as gambling has expanded across the country and that poker rooms are in virtually every casino market in the country. Classic Poker Cruises books poker players on cruises around the world.
Under terms of the deal, Casino Journal will issue 301,500 restricted common shares to the members of Poker Digest LLC in exchange for the 60% interest in the company. The remaining 40% is expected to be held by the founders of the company. Poker Digest had 1999 revenue of about $900,000. Casino Journal said the acquired assets will increase its revenue by "at least" 10% on an annual basis over 1999. Casino Journal publishes Casino Journal, industry newsletters The National Gaming Summary, and Gaming Industry Weekly, and the Daily Lodging Report and Daily Lodging Report-Asia Pacific, e-mail newsletters targeting gaming and lodging executives.
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|Comment:||CASINO JOURNAL SIGNS LETIER OF INTENT TO ACQUIRE "POKER DIGEST".|
|Article Type:||Brief Article|
|Date:||May 31, 2000|
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