*** NEWS ***
Beverly Hillbillies Gaming Entertainment, LLC and Westwood Capital, LLC Join
Forces to Develop Themed Gaming Properties in Multiple Jurisdictions
Initial Projects Planned for Reno, NV and Black Hawk, CO
RENO, Nev., and NEW YORK, June 23 /PRNewswire/ -- Beverly Hillbillies
Gaming Entertainment, LLC, together with its affiliates, and Westwood Capital,
LLC today announced that they have entered into an agreement to develop and
finance themed hotel/casinos and other products designed around the
characters, settings, events and theme of the 1960's and 70's television
sitcom The Beverly Hillbillies.
Beverly Hillbillies Gaming Entertainment, LLC (the "Company"), was founded
by Max Baer, Jr., the actor and producer who is best known for his portrayal
of the character "Jethro Bodine" during the nine year run of the television
series. Over the past several years Mr. Baer successfully secured, from CBS,
Inc. and Viacom, Inc., exclusive master licenses and certain sub-licenses to
exploit The Beverly Hillbillies theme in connection with branded gaming and
other entertainment venues as well as a variety of other potential product
offerings. Beverly Hillbillies Gaming Entertainment also announced today that
it has entered into a letter of intent with Country World Casinos, Inc.
(OTC Bulletin Board: CWRC) to form a joint venture to develop a hotel/casino
in Black Hawk, Colorado -- outside of Denver.
Westwood Capital is a New York based investment banking firm which
specializes in structured debt financings and merger and acquisition
transactions for companies in the financial services and real estate
industries, as well as project financing and corporate financing for companies
in the gaming and hospitality industries. Westwood is the premier boutique
investment banking firm serving the gaming industry and is best known as the
recipient of the 1998 Investment Dealers' Digest Breakthrough Deal of the Year
Award for the gaming sector in connection with its financing of the over
$1 billion Aladdin Hotel and Casino/Desert Passage projects in Las Vegas, NV,
which are currently under construction. Pursuant to the agreement announced
today, Westwood will act as the Company's exclusive financial advisor and
placement agent in connection with the execution of the Company's business
plans and development activities.
Jethro's Beverly Hillbillies Mansion and Casino -- Reno, NV
Beverly Hillbillies Gaming Entertainment's flagship project in Reno, NV,
previously announced, has completed its preliminary zoning and entitlement
phase and is in the process of completing its pre-development and financing
efforts. The Reno hotel/casino will be known as "Jethro's Beverly Hillbillies
Mansion and Casino" as will the Company's other gaming projects. The $175
million project will feature a 60,000 square foot casino, a 391 room hotel, a
175 unit timeshare tower and a newly constructed parking structure for 1,000
vehicles and will incorporate such Beverly Hillbillies themed attractions as
"Jethro's all-ya-ken-et Buffet," the "Ceement Pond" and "Granny's Shotgun
Wedding Chapel" together with a 240 foot tall "oil-derrick" signage element
inviting guests to strike it rich, just as old Jed Clampett did in the
television series. The Reno project is located on land controlled by the
Macerich Company (NYSE: MAC) adjacent to Macerich's 372,000 square foot Park
Lane Mall, approximately one mile from the Reno/Tahoe International Airport.
The site also currently contains Century Theater's 16 screen stadium seating
multiplex, the largest and newest movie theater in the Reno market. It is
expected that the theater will be fully integrated with the Company's
hotel/casino, a concept which has worked very well in the Las Vegas "locals'
market." The Company and Macerich are currently finalizing certain aspects of
their relationship relating to the property (which has been re-zoned to
specifically permit the Beverly Hillbillies project) following which the
Company will complete its pre-development and financing activities. The
transaction with Macerich is contingent upon the conversion of the Park Lane
property into a mixed-use value oriented mall, which would be a first for
Reno.
Jethro's Beverly Hillbillies Mansion and Casino -- Black Hawk, CO
Beverly Hillbillies Gaming Entertainment's joint venture with Country
World Casinos will develop Jethro's Beverly Hillbillies Mansion and Casino --
Black Hawk. The Black Hawk project will be located approximately 45 minutes
outside of Denver -- directly on Route 119, the main access road to and from
the old mining, and now gaming, towns of Black Hawk and neighboring Central
City, Colorado. Black Hawk generates approximately 60% of Colorado's gaming
revenue with the highest slot machine win-per-day average of any gaming market
in the state. The approximately $100 million project is expected to feature
200 hotel rooms and suites, 50,000 square feet of gaming space, parking for up
to 1,000 vehicles and a bus depot facility. The project will also feature a
variety of Beverly Hillbillies themed restaurants and entertainment venues and
signage, similar to that of the Reno project. Country World Casinos will
contribute the land for the venture and the Company will provide the theming
and financing for the project. It is expected that the Black Hawk project
will be financed and commence construction in March of 2000. The joint
venture was conceptualized by Westwood.
Max Baer, Jr., Chairman of Beverly Hillbillies Gaming Entertainment noted,
"we see a wonderful opportunity to take the timeless Beverly Hillbillies theme
into a variety of gaming jurisdictions that do not currently offer any
recognizably themed gaming destinations which have recently proven to be very
popular. While we are very proud of our Reno project, we are looking to Black
Hawk and such states as Missouri and Mississippi to further extend our
well-known brand. Ordinary people hitting it rich is the essence of the
Clampett family story and the thrill and excitement of the gaming industry --
we intend to couple the two in a variety of fun and amusing experiences for
the gaming public." Robert S. Miller, President of the Company said, "we are
delighted that Westwood Capital has joined our effort. With their remarkable
track record honed in Las Vegas, the mother of all gaming markets, we believe
that no investment banking firm catering to the gaming industry offers the
level of creativity and attention that Westwood provides."
Ken Greenberg, Executive Vice President of Westwood Capital commented,
"the world-wide recognition of The Beverly Hillbillies, its characters,
settings and theme song promise instant brand identification for gaming
destinations, together with the opportunity to diversify into ancillary
products and entertainment offerings." Daniel Alpert, Managing Director and
co-founder of Westwood said, "our participation with Beverly Hillbillies
Gaming Entertainment in the execution of its business and development plans
offers Westwood Capital a terrific opportunity to do what we do especially
well -- assist in the transformation of a great business vision into a
financable and profitable venture."
SOURCE Westwood Capital, LLC
-0- 06/23/99
/CONTACT: Kurt P. Ross, or Guy B. Lawrence, both of K.P. Ross, Inc.,
212-308-3333, or kpross1@msn.com, for Westwood Capital LLC; or Max Baer, Jr.,
Chairman of Beverly Hillbillies Gaming Entertainment Inc., 702-731-2731; or
Daniel Alpert, Managing Director of Westwood Capital, LLC, 212-867-3200/
(CWRC MAC)
CO: Westwood Capital, LLC; Beverly Hillbillies Gaming Entertainment, LLC;
Country World Casinos, Inc.; CBS, Inc.; Viacom, Inc.; Macerich Company
ST: New York, Nevada, Colorado
IN: CNO LEI ENT
SU: LIC
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