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Caravanserai Resort waits for casino license

9 March 2007

SINT MAARTEN, Netherlands Antille – As reported by the St. Maarten Daily Herald: "The more than US $10 million financing from Scotiabank is in place. The construction agreement has been signed with Liccom N.V. and work is moving full speed ahead. The only snag is that Caravanserai Resort is still awaiting its casino licence.

"With the ink dried on the construction agreement and five per cent of the total project cost already paid to the contractor, the resort has met the requirement set out by the Island Council for a casino licence. Proof of the project financing and an agreement with the contractor to complete the work in 24 months were submitted to government two weeks ago.

"The construction agreement was signed by Caravanserai Resort Managing Director Haresh Manek and Andre Sneep of Liccom N.V. Also present at the signing were Resort General Manager Ron Verhaar, Scotiabank Country Manager Elie Bendaly, Project Consultant Chino Lusia of Access Management and Consultants N.V., and Henk van den Heuvel and Hams Hootsmens of Liccom N.V…"

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