ÿ* FLORIDA GAMING CORP. ANNOUNCES LETTER OF INTENT TO ACQUIRE HOTEL AND CASINO IN LAS VEGAS
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MIAMI--(BUSINESS WIRE)--Aug. 7, 1997--Florida Gaming Corp.
(NASDAQ Small Cap:BETS.O) today announced that it has signed a Letter
of Intent with Flamingo Street, LLC to purchase the Bourbon Street
Hotel and Casino located at 120 East Flamingo Road which is 1/2
block east of Las Vegas Boulevard (The Strip) and 2-1/2 miles from
McCarran International Airport and the Las Vegas Convention Center.
The purchase price is $13,000,000 in cash, plus 200,000 shares
of Florida Gaming Corp. stock valued at $7.50 per share.
The transaction is subject to a satisfactory due diligence by
Florida Gaming Corp. and the execution of a Definitive Agreement
between the parties.
Florida Gaming Corp. is the largest Jai-Alai operator in the
world and the largest card room operator in the state of Florida.
Florida Gaming offers pari-mutuel wagering on live Jai-Alai games,
simulcast horse racing and dog racing at its four pari-mutuel
facilities located at Miami, Tampa, Ft. Pierce and Ocala.
In addition, the company operates 70 poker and domino tables at
its recently opened Crystal Card Rooms at Miami and Tampa.
--30--CD/na*
CONTACT: Florida Gaming Corp.
W. Bennett Collett, 502/589-2000
Fax: 812/945-7717
Timothy L. Hensley, 305/633-6400
Fax: 305/634-7013
or
Barretto Pacific Corp.
Landon Barretto, 206/583-8370
KEYWORD: FLORIDA NEVADA
INDUSTRY KEYWORD: ENTERTAINMENT
URL: fla-gaming.com
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