Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : SPEN: Sports Entertainment Ent. -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (3)	1/3/2001 9:18:47 AM
From: David	Respond to of 4

All-American SportPark in Las Vegas Closes to the General Public Until April 2001 LAS VEGAS--(BUSINESS WIRE)--Jan. 2, 2001--Officials of All-American SportPark Inc. (Nasdaq:AASP) and Sports Entertainment Enterprises Inc. (Bulletin Board:SPEN) announced the closing of the All-American SportPark ("SportPark") to the general public effective immediately and until April 2001. The SportPark is a family entertainment, diverse live-action sports entertainment complex located at the south end of the Las Vegas "strip" at Sunset Road. The SportPark will remain open for special events and reserved group parties. AASP's other operating entity, the adjacent Callaway Golf Center, is a profitable ongoing operation and will remain open. Despite the popularity of the SportPark among users of all ages who are primarily residents throughout Clark County, and Las Vegas tourists and conventioneers, the company has been unable to cause profitable operations on a consistent basis since its October 1998 opening. AASP management is in active discussions with four different companies to sell the SportPark. Management of AASP anticipates that closing the sale of the SportPark within the next 90 days would enable the new owner to reopen the SportPark by April 2001. Total investment in the SportPark is in excess of $22 million and current first lien debt is approximately $15 million. The other principal asset of AASP is the Callaway Golf Center, situated on some 42 acres at the southeast corner of Las Vegas Boulevard and Sunset Road, which opened in October 1997 and represents an original investment in excess of $10 million. The business has minimal debt and has been consistently profitable since company management acquired full control in December 1998. Management plans to expand the business, which is now more feasible absent the drain on management and cash resources employed to support losses at the SportPark which is now closed. Sports Entertainment Enterprises Inc. owns 63.5% of the outstanding common stock and one third of the outstanding convertible preferred stock of AASP. SPEN also owns a golf retail store located at Rainbow Boulevard and Sahara Avenue in Las Vegas. CONTACT: All-American SportPark Inc./ Sports Entertainment Enterprises Inc., Las Vegas Kirk Hartle, 702/798-7777 702/739-9509 (fax) KEYWORD: NEVADA BW0288 JAN 02,2001 18:35 PACIFIC 21:35 EASTERN