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Gold/Mining/Energy : CASTELLO CASINO CORP. (CCCZ/CSTC)
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To: Junkyardawg who wrote (181)3/18/1998 1:16:00 PM
From: Ed Pakstas  Read Replies (1) of 311
 
Negotiations for new lease on gaming facility

Castello Casino Corp CSTC
Shares issued 10,575,645 Mar 17 close $0.20
Wed 18 Mar 98 News Release
Mr Ross McGroarty reports
Meetings with the company's Venezuelan partners will take place in March
1998. The purpose of the meetings will be to negotiate a new lease with the
landlord on the 33,000 sq ft gaming facility, as well as other corporate
business. Under the new Venezuelan Gaming Law, a gaming area must meet the
approval of the Gaming Commission. The company's Venezuelan attorney has
advised that lobbying has been successful for its area of interest on
Venezuela's mainland.
To date, no gaming facilities have opened on the mainland since the new
Gaming Law was approved in July 1997, when all facilities were required to
close. Castello expects that its gaming area of interest will be one of the
first to open on the mainland.
On Venezuela's Margarita Island, three gaming facilities opened in late
December 1997, these were the first to open since the new Gaming Law was
passed.
Subsequent to next week's meetings, the company expects the formal licence
application to be submitted to the Gaming Commission, and it has been
indicated that the process will take up to 30 to 60 days for the expected
approval.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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