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Sonco wins New Brunswick contract

NEW BRUNSWICK -- As reported by the CBC Radio -- Sonco Gaming New Brunswick Ltd. has won the jackpot in the bid to build the province's first casino.

"Finance Minister Victor Boudreau announced Thursday that the Sonco partnership is the preferred proponent for the project.

"The partnership includes:

"* Sonco, a Maritime-based real-estate and casino development company.

"* Clairvest Group Inc., a publicly traded merchant bank, private equity investment fund.

"* Navegante Group Inc., a U.S.-based casino operator.

"* 2050631 Ontario Inc., comprising investment companies and shareholders.

"...The project is expected to cost $90 million to construct with completion expected by December 2010.

"...The construction process is expected to create the equivalent of about 770 full-time jobs. The facility will employ about 400 people when it is opened, the minister said.

"...The government expects to receive about $25 million in revenue annually from the casino."

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