Printer Friendly

GAMING CORPORATION OF AMERICA ANNOUNCED GOLDEN NICKEL'S COMMENCEMENT OF REVENUE SHARING AT WISCONSIN DELLS AREA CASINO

 MINNEAPOLIS, July 12 /PRNewswire/ -- Gaming Corporation of America (NASDAQ: GCAM) (GCA) announced that its affiliate, Golden Nickel Casinos, Inc., has commenced, effective today, its casino agreement with the Wisconsin Winnebago Tribe for the Tribe's casino near Wisconsin Dells, Wis. Pursuant to Golden Nickel's five-year casino agreement with the Tribe, Golden Nickel commenced providing management consulting and training services to the Tribe with respect to the existing interim casino and also commenced receiving a share of the revenue generated by the casino. Under the casino agreement, Golden Nickel generally now will receive 30 percent of the casino's net profits.
 The existing casino has 264 slot machines and 20 blackjack tables and is being operated while the new and much larger casino is being constructed with consulting and financing assistance from Golden Nickel. Upon completion of the new casino, Golden Nickel will also provide management consulting and training services and share in the revenue for the new casino. Gaming Corporation of America has an agreement to acquire Golden Nickel as a wholly owned subsidiary upon receipt of all necessary regulatory approvals from the tribe.
 Sheldon Fleck, CEO and president of Gaming Corporation of America and also chief financial officer of Golden Nickel, stated: "We are pleased with the progress Golden Nickel and the Tribe have made jointly developing casino gaming in the Wisconsin Dells area and look forward with great anticipation to the opening of the new casino within the next few months."
 Gaming Corporation of America, with principal executive offices in Minneapolis, is pursuing several casino management and development opportunities in the rapidly expanding casino-style gaming industry. These include several opportunities to manage casinos on Indian land and to develop, own and operate dockside casinos. In addition to the casino project between Golden Nickel and the Wisconsin Winnebago Tribe, GCA is pursuing National Indian Gaming Commission approval of its contract with the Pascua Yaqui Tribe of Arizona and has a license application pending for a casino project under construction in Biloxi, Miss. Also, GCA is participating in a joint venture with Grand Casinos, Inc. to acquire a gaming site and 1,000 acres of adjoining land approximately 30 miles south of Memphis, Tenn., located on Buck Lake in Tunica County, Miss., for the potential development and operation of one or more dockside casinos on the site and a comprehensive destination resort development on the adjoining land.
 Gaming Corporation of America, organized in 1991, completed initial public offering of securities in February 1993, raising over $23 million. Also, in early March 1993, the holders of the company's Series A Notes converted into common stock all of the $6 million then- outstanding Series A Notes. GCA's common stock, warrants and units are traded on NASDAQ under the symbols GCAM, GCAMW and GCAMU.
 -0- 7/12/93
 /CONTACT: Sheldon T. Fleck, CEO and president, 612-339-8171, of Gaming Corporation of America/
 (GCAM)


CO: Gaming Corporation of America ST: Minnesota IN: CNO SU: TNM

DB -- MN002 -- 0323 07/12/93 10:19 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 12, 1993
Words:497
Previous Article:ORTHOLOGIC CORP. REPORTS FINANCIAL RESULTS FOR SECOND QUARTER, FIRST SIX MONTHS 1993
Next Article:KAHLER CORPORATION ACQUIRES PARTNERSHIP INTEREST AND MANAGEMENT OF PLAZA ONE HOTEL, ROCK ISLAND
Topics:


Related Articles
GAMING CORPORATION OF AMERICA ANNOUNCES MANAGEMENT CHANGES
GAMING CORPORATION OF AMERICA ANNOUNCES PARTICIPATION IN JOINT VENTURE TO ACQUIRE GAMING SITE NEAR MEMPHIS
GAMING CORPORATION OF AMERICA ANNOUNCES ACQUISITION OF FULL OWNERSHIP IN ITS BILOXI CASINO PROJECT
GAMING CORPORATION OF AMERICA ANNOUNCES WISCONSIN WINNEBAGO TRIBE GRANT OF GAMING LICENSE TO AFFILIATE GOLDEN NICKEL CASINOS, INC.
GAMING CORPORATION OF AMERICA ANNOUNCES OCTOBER 22 OPENING DATE FOR NEW HO-CHUNK GOLDEN NICKEL CASINO NEAR WISCONSIN DELLS
GAMING CORPORATION OF AMERICA ANNOUNCES THIRD QUARTER RESULTS
GAMING CORPORATION OF AMERICA ANNOUNCES RECEIPT OF MISSISSIPPI GAMING LICENSE APPROVAL
GAMING CORPORATION OF AMERICA SHOCKED BY DENIAL OF LICENSE BY WISCONSIN WINNEBAGO GAMING COMMISSION
WISCONSIN GAMING COMMISSION CHANGES POSITION ON VIDEO BLACKJACK APPROVAL; INNOVATIVE GAMING FILES SUIT IN FEDERAL COURT SEEKING RELIEF
GAMING CORPORATION OF AMERICA BEGINS DISCUSSIONS WITH INVESTMENT BANKERS TO CONSIDER ADDITIONAL STRATEGIC ALTERNATIVES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters