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155 East Tropicana enters purchase agreement27 November 2007AS VEGAS, Nevada -- (PRESS RELEASE) -- As previously reported, 155 East Tropicana, LLC (the "Company") entered into a definitive Asset Purchase Agreement with Hedwigs Las Vegas Top Tier, LLC (the "Buyer"), an affiliate of the investment group led by NTH Advisory Group, LLC. Also as previously reported, the Company subsequently entered into a first and second amendment to the Asset Purchase Agreement (collectively, the "Agreement"). Under the terms of the Agreement the Buyer was required to pay a non-refundable deposit of $1.5 million by 5:00 p.m. PST on November 15, 2007. On November 26, 2007, the deposit was paid by the Buyer and accepted by the Company. The closing under the Agreement remains subject to the completion of certain conditions described in the Agreement. There can be no assurance that (i) the conditions to closing under the Agreement will ever be satisfied, or (ii) any transaction contemplated under the Agreement will be consummated, or (iii) if a transaction is consummated, it will be on the same or similar terms as currently provided under the Agreement. |