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South Africa Group Buys In. 2005-11-22
An international casino operator recently announced that the company's franchise in South Africa, has reached agreements to purchase 60% of another company’s shares. This will include a buy of approximately $8,600,000. Under the new deal, the company will also operate the Monte Vista Casino, which is currently owned by the company they are trying to buy out.
A permanent casino resort is not in the works, but they are still being held in a temporary area. So far the company has 70 acres of land in a better area. The new casino is expected to feature first-class services, with a 40-room hotel, a conference center, and great restaurants. The deal will provide $14,200,000, if the casino does well in its first year in operation in the new location. The business would be required to pay an additional sum of $370,000, to the previous owners in that case.
Peter Hoetzinger, Co-CEO and President of the company wanting to buy in, was very excited about the deal. They have big pans, and know that this is the company to do that with. This new purchase will make more money than it ever did before.
(By Andrea)