INTERNATIONAL GAMING MANAGEMENT, INC., ANNOUNCES PLANS TO ACQUIRE OWNERSHIP INTEREST IN 'SPLASH' CASINO IN TUNICA, MISS.
MINNEAPOLIS, Minn., Sept. 23 /PRNewswire/ -- International Gaming Management, Inc. (NASDAQ: IGMM), a Delaware corporation, announced today that it entered into a letter of intent with the owners of Schilling Casino Corporation, a Mississippi corporation, to acquire all of the issued and outstanding capital stock of Schilling Casino Corporation. The Schilling Casino Corporation's principal asset is a 50 percent ownership interest in the partnership owning the Splash Casino. The Splash Casino is located in Tunica County, Miss., approximately 35 miles south of Memphis, Tenn. The purchase price for the proposed acquisition is $42.5 million (subject to adjustment) plus 2.5 million shares of IGM common stock. The transaction is subject to a number of conditions, including obtaining necessary financing and receipt of Mississippi Gaming Commission approvals. Information provided by the Schilling Casino Corporation in connection with negotiating the acquisition shows that the "Splash" Casino generated approximately $126 million in revenues since it opened Oct. 19, 1992, through August 1993. "These plans should accelerate our entry into dockside gaming and will help provide us the opportunity to expedite the development of our other Mississippi casino properties in D'Iberville, Greenville and Henderson Point," said Douglas M. Polinsky, IGM president and chief executive officer. "We are excited about this opportunity to acquire a significant stake in the highly profitable `Splash' Casino." IGM, headquartered in Minneapolis, sells and leases proprietary gaming machines to the rapidly growing gaming industry. The company's consolidated affiliate, Louisiana Gaming Management, Inc., is the largest video lottery terminal route operator in Louisiana. -0- 9/23/93 /CONTACT: Douglas M. Polinsky or Mark A. Sorensen of International Gaming Management, 612-546-8140/ (IGMM)
CO: International Gaming Management, Inc.; Schilling Casino Corporation ST: Minnesota, Mississippi IN: CNO SU: TNM
TW-OS -- NY061 -- 5300 09/23/93 14:43 EDT
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|Date:||Sep 23, 1993|
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