 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Equus Gaming Company, L.P. Revises Financing Plans23 August 2000SAN JUAN, Puerto Rico, --(Press Release) --Aug. 23, 2000 -- Equus Gaming Company, L.P. (Nasdaq: EQUUS - news), (``The Company''), a publicly traded partnership with thoroughbred horse racing and entertainment interests in Latin America and the Caribbean, has determined to suspend efforts to finance the purchase of the 11.75% First Mortgage Notes issued by the Company's affiliate, El Comandante Capital Corp. The Company will continue to pursue financing for the acquisition of satellite video and data transmission equipment (the ``VSAT System'') for its affiliates Satellite Services International, Inc. (``SSI'') and Agency Betting Network, Inc. (``ABN''). The Company expects that SSI and ABN will fully deploy the VSAT System during the next 12 months throughout the Company's off-track betting network, which currently exceed 1,400 agencies, and is projected to increase to more than 2,000 by end of 2001. As a result of the decision to suspend efforts to finance the purchase of its outstanding First Mortgage Notes, the Company will concentrate its efforts on improving its operating results in order to be able to finance the expansion of its horse racing and entertainment businesses and service its First Mortgage Notes using primarily internally generated funds. Management estimated that once the VSAT System is fully employed, it will result in substantial savings for the Company and will allow the Company to simulcast additional races from tracks in the United States throughout its agency system in Latin America and the Caribbean. |