GALLERY RODEO INTERNATIONAL ENTERS INTO LETTER OF INTENT TO PURCHASE 42 ACRES OF RIVERFRONT CASINO PROPERTY IN LAUGHLIN, NEV.
BEVERLY HILLS, Calif., Aug. 17 /PRNewswire/ -- Gallery Rodeo International (NASDAQ: GROI) announced that it has entered into a letter of intent to purchase approximately 42 acres of riverfront property on which it intends to develop a hotel/casino in Laughlin, Nev. The property is located along the Colorado River within the central gaming district of Laughlin. At the request of the parties involved, exact terms and conditions of the purchase shall remain confidential until execution of a Purchase Agreement. Laughlin is situated in Clark County near the southern tip of Nevada along the Colorado River. It is approximately 240 miles northeast of Los Angeles and approximately 210 miles northwest of Phoenix. Laughlin has been the fastest growing gaming market in terms of gaming revenue over the last eight years. A recent Gaming Revenue Report for Nevada indicated the 10 Laughlin casinos reported gaming revenues of approximately $508 million for the 12-month period ended December 1992. In addition to the acquisition and development of the proposed Laughlin hotel and casino project, the company is currently in development of the Wandering Star Hotel Casino in Colorado and, through its retail art locations, markets original fine art and limited-edition serigraphs, lithographs and sculptures. In addition to representing well-known artists' estates such as Renoir and Picasso, the company also promotes its own artists, such as Brett-Livingstone Strong, through its three company-owned galleries in Beverly Hills; Lake Arrowhead, Calif.; and Scottsdale, Ariz. Gallery Rodeo International, a publicly traded company, can be found quoted on the electronic bulletin board under the symbol "GROI." -0- 8/17/93 /CONTACT: Gary Kucher, executive VP of Gallery Rodeo, 310-273-2105/ (GROI)
CO: Gallery Rodeo International ST: California, Nevada IN: CNO SU: RLE
JB-xx -- LA016 -- 3430 08/17/93 09:27 EDT
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|Date:||Aug 17, 1993|
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