News out today>>Southwest Casino Corporation to Manage Dominican Republic Casino for Palace Resorts
Jun 26, 2008 8:07:00 AM
Copyright Business Wire 2008
View Additional ProfilesMINNEAPOLIS--(BUSINESS WIRE)--
Southwest Casino Corporation (OTCBB:SWCC) announced today that it has entered into an agreement with a subsidiary of Palace Resorts to manage the casino at the Moon Palace Casino, Golf and Spa Resort in Punta Cana, Dominican Republic. The casino will be part of a 1700-room, all-inclusive luxury resort that Palace Resorts is constructing on the far eastern tip of the Dominican Republic. Palace Resorts plans to open the Moon Palace Casino, Golf and Spa Resort in Fall 2008. Southwest has been consulting with Palace Resorts on the design, development and operation of the casino since September 2007.
Under the new agreement, Southwest will continue to assist Palace Resorts in all phases of design, game selection, training and equipping the casino as a consultant and then manage the casino for five years after it opens in late 2008 or early 2009. As manager, Southwest will be responsible for all aspects of casino operations and will work with Palace Resorts to market the casino and the resort as a gaming destination. Southwest receives a monthly fee as a consultant and will receive management fees equal to 5 percent of net casino income after the casino opens, subject to a minimum monthly fee.
"We are excited to announce this extension of our relationship with Palace Resorts. We have enjoyed working with them as consultants and know that their world-class, luxury resorts match our model for a premier casino offering world-class customer service to its patrons," said Jim Druck, Southwest's CEO. "We appreciate the chance to help them develop this facility as consultants and look forward to the opportunity and challenges as manager of bringing our joint vision of an elegant, full-service Caribbean casino to reality at the Moon Palace in Punta Cana."
About Southwest Casino Corporation
Southwest Casino Corporation develops, owns, operates, manages and provides consulting services to casinos, gaming facilities and related amenities. Southwest owns and operates the Gold Rush Hotel and Casino and Gold Digger's Casino in Cripple Creek, Colorado. In addition, Southwest owns a 50 percent membership interest in North Metro Harness Initiative, LLC, which owns and operates Running Aces Harness Park in Columbus, Minnesota. Southwest's corporate offices are located at 2001 Killebrew Drive, Suite 350, Minneapolis, Minnesota 55425.
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