SEARCH NEWS:

 

NorAm Gaming & Entertainment Is Set To Acquire 100% Interest In Grande Resorts, Corp.

Upon completion of the deal, Grande Resorts will become a wholly owned subsidiary of NorAm Gaming and Entertainment, Co. Both companies are working toward final closure of the acquisition within 30 days. Terms have not been disclosed.

Grande Resorts, Corp. acquires, develops and manages casino operations in Central and South America on its own behalf and for others wishing to enter the region for gaming purposes.

Grande Resorts management recently announced that the Company is currently in the process of acquiring a major interest in 6 fully operating casinos in South America.

NorAm's Chairman, George C. Zilba, stated, ``This is an outstanding opportunity for NorAm to acquire a foothold in the rapidly evolving gaming business in Central and South America. The final acquisition of Grande Resorts will fit well into our new and broader direction within the gaming industry.''

Included in the many changes presently taking place at NorAm is the redefining of the Company's goals and operations.

Mr. Zilba, emphasized that ``The Company will bring new and exciting opportunities to the table in order to aggressively move forward. NorAm's management will be expanded in the near future, allowing the company to broaden its ability to manage projects outside the present bingo-related format. While we plan to continue our efforts in the bingo industry with our Vaprel distributorship, we recognize that the opportunities provided by the Internet and the casino industry cannot be overlooked if we are to grow and prosper''.

Regarding the financial impact the Grande Resorts acquisitions would have on NorAm, Mr. Zilba stated, ``This is an excellent financial and strategic transaction for NorAm and it is expected to be accretive to our operating results upon closing.''

< Gaming News