American
Wagering Completes Acquisition
American Wagering, Inc. (OTC
BB:BETM.OB) (the "Company") today
announced that the Company's wholly owned subsidiary
AWI Gaming, Inc. ("AWIG") completed
the acquisition of, and commenced operations
at, Sturgeon's Inn & Casino in Lovelock,
Nevada ("Sturgeon's") on March 1,
2006. The acquisition of Sturgeon's is expected
to be immediately accretive to the Company's
fiscal 2007 operating results.
Victor
Salerno, the Company's CEO and President, said,
"We are excited about closing a strategically
important acquisition that helps us to both
diversify and provide us with strong growth
potential. We expect the Sturgeon's operation
will help us achieve both near- and long-term
earnings accretion and will help pave the way
to future hotel/casino acquisitions."
Salerno
continued, "Our enthusiasm for acquiring
Sturgeon's is driven by a desire to diversify
and solidify our earnings, as well as a desire
for cross-selling and promotional opportunities
among our various subsidiaries. In addition,
we are optimistic that already-identified cost
reductions and cost synergies among our subsidiaries
will improve our earnings and cash flow in fiscal
2007."
Bruce
Dewing, President of AWIG, said, "Lovelock
is a vibrant community expected to increase
in population dramatically over the next several
years. We are proud to be the newest member
of the Lovelock community and look forward to
providing a complete entertainment experience
with unparalleled gaming and dining choices
combined with superior service. We hope to model
future hotel/casino acquisitions on our experiences
and successes at Sturgeon's."
About
Sturgeon's Inn & Casino
Sturgeon's
is a full service hotel, casino and restaurant
operation located adjacent to Interstate 80
in Lovelock, Nevada (approximately 90 miles
east of Reno, Nevada). The facility contains
over 65,000 square feet including the following:
--
Casino area with 124 gaming devices, bar, cashier's
cage, count rooms, vault area, video arcade,
lounge area and public restrooms.
--
Restaurant area with total seating of 118, full
kitchen, dish wash area, private dining or meeting
area, storage areas and cashier's counter.
--
Motel with 74 units, covered porte-cochere,
registration desk and lobby, indoor swimming
pool, housekeeping and storage areas, laundry
room and manager's apartment.
--
Banquet room known as the "Center Club"
with stage, light and sound equipment, chairs,
tables and storage areas.
The
main facility is located on 3.580 acres, which
includes the above facilities plus paved public
parking. Adjacent to the main parcel is a gravel
parking lot of 0.432 acres, bringing the total
land area to 4.012 acres.
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