AmeriResource and NevStar Join to Reopen Nevada Resort
By Jack Burney
Published by OTCNN.com
09/20/2000 09:22 AM EST
AmeriResource Technologies, Inc. (OTCBB: ARET) and NevStar Gaming &
Entertainment Corporation (Pink Sheets: NVST) have formed a joint venture to
acquire and
reopen the Mesquite Star Hotel and Casino in Mesquite, NV, 80 miles northeast of
Las Vegas,
with plans to eventually expand the gaming resort.
Financing for the sale/leaseback and expansion of the hotel, as well as for the
reorganization of
NevStar, has been arranged by San Antonio’s Landbase International, Inc. from an
undisclosed investor. AmeriResource will acquire all the outstanding shares of
NevStar.
One of the most heavily traded stocks on the OTCBB in terms of volume, ARET
basically has
made a habit of sitting at $0.0312, where it was parked Monday. It often
experiences brief bumps
to $0.0469 and back, but rarely deviates from those two prices. However, yesterday,
on
20-million-share volume, ARET broke the mold and closed at $0.0345. The last time
it varied
from the two familiar prices, it rose to $0.625 for three days in July. NVST stock
closed at
$0.30.
The Mesquite Star operated for 18 months before it was closed last March by a
receiver.
Prospects are that the resort will reopen under management of the joint venture
either late in 2000,
or early in 2001.
AmeriResource’s Chairman and CEO Delmar A. Janovec and VP Barry R. Denslow
were
named to the NevStar board of directors, along with Brent E. Crouch with the CPA
firm of
Crouch, Bierwolf & Chisholm. ARET has hired Dr. Michael J. Signorelli, NevStar
Chairman and CEO, as a consultant to assist in the gaming industry affairs. The
company
believes that the addition of the new board members should be beneficial as NevStar
works to
re-qualify for a NASDAQ Small Cap listing.
ARET’s new team will spearhead the development of the NevStar 2000 Project, a
neighborhood
gaming operation, in Henderson, Nevada, an area commonly referred to as the
Boulder Strip.
The planned expansion of its property will add 210 hotel rooms, and include the
renovation and
expansion of the two existing restaurants. It will also include the addition of 6,000
square foot
convention and exhibition area, plus specialty retail space.
ARET is utilizing the design for the NevStar 2000 Plan developed by Signorelli,
which features a
nostalgic hot rod custom car theme, a 5-story roller coaster, a covered multipurpose
outdoor
amphitheater, a 20-screen theater complex which includes an I-MAX Theater, a 100
lane bowling
complex, a year round indoor tennis facility, restaurants, a 300 suite hotel tower, a
40,000 square
foot casino area, a French Rivera Discotheque and a Bavarian Beer Garden.
In August, Janovec and Signorelli entered into a contract with CNB Capital, Inc. to
act as the
ancillary financial advisor and investment banker to NevStar and AmeriResource,
and to provide
up to $15 million in financing, if needed. |
