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Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition

Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition

Frontier Capital Group Ltd. investors approved on Thursday the acquisition that is proposed of Leisure & Hotel Corporation, including Stotsenberg Hotel and Casablanca Casino, located in the Philippines’ Clark Freeport Zone. The offer is usually to be finished later in January and the Australia-listed team is to cover the amount of $26 million for the hotel and casino complex.

Frontier Capital announced its decision to purchase Stotsenberg Leisure & Hotel Corporation back in November 2015. It’ll spend the above-mentioned consideration in 154.05 million Frontier Capital stocks which will be used in the vendor in three tranches.

The business stated on Thursday that its shares are suspended so that it can change the description of its activities after the purchase associated with hotel and casino complex. The shares should be suspended up to the Australian Securities Exchange approves the re-compliance with its guidelines.

The Stotsenberg Hotel presently features 239 spaces in addition to a true quantity of food and beverage choices, attractions, and a meeting center with space for approximately 2,000 individuals. In terms of Casablanca Casino, it really is prompted by the popular hit film and it has 36 video gaming tables, 190 slots, and two rooms for VIP gambling customers. The complex is located within the Clark Freeport Zone, not not even close to the Clark airport terminal.

E!xcite Gaming and Entertainment Inc. (more…)

Oneida Nation Files Another Lawsuit Against Lago Resort & Casino

Oneida Nation Files Another Lawsuit Against Lago Resort & Casino

The Oneida Indian Nation filed on yet another lawsuit in a bid to prevent the $425-million Lago Resort & Casino from opening doors in Seneca County tuesday. If launched, the hotel and casino complex would have been a direct competition to Turning rock Resort Casino, managed by the Oneidas.

The newest tribe that is york-based lawsuit is against Lago itself, its developer Thomas Wilmot, and the New York State Gaming Commission, which granted the casino resort the mandatory license in December 2015.

The Oneidas contended that the construction of Lago would hurt the present casinos in Upstate New York. Casino Free Tyre, a local group of opponents associated with the resort, joined the tribe in its effort to block the multi-million-dollar project also to nullify their state gambling regulator’s choice to grant it the above-mentioned casino permit.

The lawsuit that is 60-page filed in a Manhattan court and stated that the State Gaming Facility Location Board made the wrong option by recommending the Lago plan as neither the choice process, nor the results had been appropriate.

In addition to the Oneidas, the existing Finger Lakes Gaming & Racetrack in Farmington, New York has also previously filed case against Mr. Wilmot’s task. Nonetheless, it was dismissed by court.

Commenting regarding the new legal hurdle before Lago Resort & Casino, spokesman Steve Greenberg said that the lawsuit is going to be unsuccessful, just like the ones filed prior to. (more…)