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|Posted: Sat Mar 11th, 2006 02:03 am||
|Crossroads Gaming Takes a Powerful Partner
Investors in Crossroads Gaming Resort and Spa, L.P. have announced an agreement with Millennium Gaming, Inc., (Millennium) to serve as operators of the proposed $300 million slots and entertainment facility. At a press conference this morning, David LeVan, CEO of Crossroads introduced Millennium executives to the news media and outlined reasons why Millennium is especially well suited to operate the resort and spa should the Commonwealth of Pennsylvania award a gaming license for the facility.
“We are very excited about today’s announcement and about the opportunity to work with Millennium on this first-class project,” said LeVan. He continued, “Bill Paulos and Bill Wortman of Millennium are among the most respected names in gaming and entertainment. After interviewing nearly a dozen prospective operators and discussing our options with regulators, industry analysts, financial advisors and community leaders where Millennium currently operates, our choice became clear. This is a great day for our project, our prospects for success, and for Adams County.” Paulos and Wortman have more than 65 years of gaming and entertainment operating experience.
LeVan particularly noted Millennium’s “outstanding track record of building and operating their resorts to match the social fabric and culture of the communities they serve. Bill Paulos and Bill Wortman have a history of building strong and lasting relationships with the communities in which they operate and we are confident they will bring that same philosophy to Crossroads and Adams County. These factors were paramount to our decision to enter into an agreement with Millennium.”
Millennium operates the Rampart Casino in Las Vegas and owns and operates the Cannery Casino and Hotel in North Las Vegas, Nevada. In November 2005, PA Meadows, an affiliate of Millennium, agreed to purchase the Meadows racetrack in Washington County, PA.
LeVan pointed out to community leaders and later to reporters assembled to meet Millennium executives, that Crossroads’ new “relationship with Millennium is the second major endorsement of the project by well-regarded business entities that understand the economic potential of the venture.” In January, Crossroads announced an $80 million equity investment by New York-based Morgan Stanley subsidiary, MS Gaming Companies Holdings, Inc. “We are confident that Millennium’s development and operating expertise will contribute to the financial success of this project and are delighted to have them as partners,” said Michael C. Garrity, Director of MS Gaming Companies Holdings, Inc.
Last edited on Sat Mar 11th, 2006 02:04 am by javal1