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Santa Fe Gaming Corporation Announces Completion of Sale Of Santa Fe Hotel & Casino3 October 2000LAS VEGAS, Nevada – (Press Release) --Oct. 3, 2000 -- Santa Fe Gaming Corporation (the ``Company'') (OTC Bulletin Board: SGMG), announced today that its wholly owned subsidiary, Santa Fe Hotel Inc. (``SFHI'') has completed the sale of substantially all of the assets of the Santa Fe Hotel & Casino in Las Vegas, Nevada (the ``Hotel/Casino'') to a wholly-owned subsidiary of Station Casinos, Inc. (``Station''). The sale price was approximately $205 million in cash, of which Station had previously loaned $36 million to the Company's wholly-owned subsidiary, Pioneer Hotel Inc. as part of the sale agreement. Funds received from this transaction are being used, in part, to satisfy indebtedness of SFHI and substantially all of the indebtedness of the Company and its other subsidiaries. In connection with this sale, the Company has granted Station an option to purchase approximately 20 acres of undeveloped property located near the Hotel/Casino. Additionally, the Company and its affiliates have agreed to certain limited non-competition agreements with Station. |