THE PROMUS COMPANIES ACQUIRES INTEREST IN SODAK GAMING SUPPLIES, INC.
THE PROMUS COMPANIES ACQUIRES INTEREST IN SODAK GAMING SUPPLIES, INC. MEMPHIS, Nov. 10 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) today announced that it has acquired a 20 percent ownership interest in Sodak Gaming Supplies, Inc. Headquartered in Rapid City, South Dakota, Sodak is the exclusive distributor for International Game Technology (IGT) gaming equipment on Indian reservations within the continental United States, excluding Nevada and New Jersey. Sodak has sold or contracted for approximately 75 percent of all gaming equipment to Indian Tribes in the last three years. Promus also announced that Colin Reed, senior vice president for development at Promus, has been elected to the Sodak board of directors. Reed, 45, is responsible for Promus' gaming development activities in the U.S. and internationally, including Indian reservation gaming, riverboat casinos and land-based casinos. "Promus' arrangement with Sodak is a solid first step for Harrah's, Promus' gaming brand and a leading casino operator, into the fast-growing market of Native American casinos, which already generate close to $1 billion in revenues in eight states," said Reed. "We will use our relationship with Sodak to help accelerate our pursuit of additional arrangements to develop, operate and manage casino operations on Native American reservations." Promus also owns and operates three leading hotel brands: Embassy Suites hotels, Hampton Inn hotels and Homewood Suites hotels. Harrah's is the only casino gaming entertainment company operating in all five major U.S. casino markets: Atlantic City, Lake Tahoe, Laughlin, Las Vegas and Reno. The company's riverboat casino facility for downtown Joliet, Ill., 40 miles from Chicago, is expected to begin operations by late spring 1993, making the company the first major national casino company to operate a casino riverboat. -0- 11/10/92 /CONTACT: Ralph Berry, The Promus Companies Inc., 901-762-8629/ (PRI) CO: The Promus Companies, Inc.; Sodak Gaming Supplies, Inc. ST: Tennessee, South Dakota IN: LEI SU: TNM
CM -- CH003 -- 9120 11/10/92 09:17 EST
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|Date:||Nov 10, 1992|
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