Issue 256
August 8 - August 14, 2005
Volume 5
page 2
 

Montana tribe announces casino deal with Florida company
As Reported by tallahassee.com

ROCKY BOY AGENCY, Montana - The Chippewa-Cree Indian Tribe says it has an agreement with a Florida company to build a casino, hotel and truck stop complex.
The agreement calls for NORAM Inc. to bankroll the complex, projected to cost $18 million to $20 million and create 60 to 75 permanent jobs on the Rocky Boy's Indian Reservation southwest of Havre.

The enterprise is "going to give our young people a chance to bring a paycheck into the home," said John Chance Houle, chairman of the Chippewa-Cree Business Committee. "It's going to give our people a future right now."

Representatives of the tribe and NORAM, a gambling development company in Maitland, Fla., signed the agreement Friday at the rodeo grounds as the Rocky Boy Powwow got under way. Tribal officials announced last month that a casino was planned.

The tribe expects to break ground in October and build the complex in two phases. The first includes the casino, a 65-room hotel, a restaurant, a gift shop and an events center. Officials expect that to open in March or April. The second phase features a truck plaza, fueling and a convenience store. Planners expect completion of that phase late in 2006.

Altogether they anticipate about 60 construction jobs.

The size of the casino and the number of gambling machines won't be certain until consultants complete a study later this month, said Bob Swan, serving as project manager through RJS & Associates of Rocky Boy.

However, the casino tentatively will have 250 to 300 gambling machines in a classification that allows nearly limitless payouts. In Montana that classification applies only to Indian reservations. Keno and poker machines, in a different classification, also are planned.

 

 

 

ISC Entertainment Acquisition by Sportingbet plc

As Reported by OnlineCasinoNews.com

Sportingbet, owner of several online poker sites, has announced it has bought ISC Entertainment Inc, owner of such gaming marketing companies such as mysportsbook.com and worldwidegamble.com, for $16.5 million in cash and 2,745,158 Sportingbet ordinary shares."IGC is a high quality business and the acquisition is a strong addition to our existing US-facing brands. With almost no integrating required and solid organic growth prospects, we look forward to developing ISC's brands within our industry leading portfolio," says Nigel Payne, CEO of Sportingbet.In addition to the sale, Sportingbet has announced that a growth in customers along with gambling margins has seen unexpectedly high profits, with an expectation of at least £60.5 million for the year ending 31 July 2005.

L.A. firm buys stake in Cannery Resorts
As Reported by Gaming Wire

A Los Angeles-based private investment firm Tuesday purchased 33 percent of Cannery Casino Resorts, which operates the Cannery in North Las Vegas and the Rampart Casino in Summerlin. The transaction is subject to regulatory approval by Nevada gaming authorities.

Oaktree Capital Management, according to a statement, manages more than $28 billion in select niche investment markets.

Upon completion of the deal, Millennium Management, a corporation equally owned by William Paulos and William Wortman, will own 67 percent of the Cannery Casino Resorts.
Cannery Casino Resorts is also seeking to raise $300 million Banc of America Securities to refinance existing debt and to pursue future growth opportunities.

equity sponsorship as well as our enhanced capital structure will allow us to pursue an aggressive growth strategy," Wortman said. "We are on course with the ongoing enhancements at each of our existing properties while developing new projects and aggressively considering opportunities for the future."

Neil Sedaka

The Orleans: International singing superstar, Neil Sedaka appears at The Orleans.

Date: August 16 - 21

Time: 8:00 pm

Ticket Price: from $44.95+ tax

For more information please call: (702) 365-7075
 
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