 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Jack Binion Finances Phoenix Leisure11 April 2002LAS VEGAS –(Press Release) -- Phoenix Leisure Corporation (CDNX: PLS) announced that it has completed a financing agreement with Jack Binion, in the amount of US $2 million. ``We are pleased that one of the world's foremost casino developers recognized the Company's asset value and potential to execute this important transaction,'' commented Eric Nelson, Phoenix Leisure's Chairman and President. "Under the terms of the transaction, Mr. Binion advanced $2 million to be converted to a term loan due March 29, 2003 which term may be extended for one additional year upon payment by the borrower of an extension fee. In addition to other provisions, the loan accrues interest at 12% per annum and is secured by a deed of trust against the Company's Colorado land holdings and a first preferred ship mortgage held on the Company's gaming vessel in Mississippi. Certain terms of the loan are subject to the approval of gaming regulatory authorities. Proceeds from the loan were used by Phoenix Leisure to pay closing costs related to the transaction, existing debt obligations and current liabilities. "Phoenix Leisure holds equity interests in four Cleopatra's mini-casinos in Washington State, the Wyoming Downs horse racetrack near Evanston and four off-track wagering facilities located throughout Wyoming. The company is licensed to develop a casino-hotel along the Gulf Coast of Mississippi and owns over five acres of undeveloped land zoned as eligible for casino gaming in Central City, Colorado. The Company also has an investment in Viva Gaming & Resorts Inc. (OTC Bulletin Board: VIGA) to develop lottery entertainment centers in the Republic of Mexico. |