Beneficial Holdings Inc. to Divest Non-Gaming Assets
26.01.2012 07:23:07 -
(live-PR.com) -
MANAGUA, NICARAGUA -- (Marketwire) -- 01/26/12 -- Beneficial Holdings Inc. (PINKSHEETS: BFHJ), which manages the www.sportsbook.cr : and www.bet.cr : by Beneficial live dealer casinos and sportsbooks, a hotel, and gaming parlors in Nicaragua, today announced that it tentatively plans to divest its non-gaming assets.
The Company's non-gaming assets include Hotel Beneficial Managua (property and business), the purchase agreements for the El Crucero hotel, the Montelimar Beach property agreements, and the portion of the El Transito purchase as it relates to the hotel plans only.
The Company will retain its gaming interests under its subsidiary, Grupo Beneficial, S.A., including its gaming internet domains www.bet.cr : and www.sportsbook.cr : , its www.bet.cr : by Beneficial Tropical Vereda bar and casino, and its gaming parlor in Masaya, Nicaragua. The Company will retain the rights to build a slot parlor adjacent to the hotel on the El Transito property. Additionally, the Company negotiated the right to operate the gaming locations at the Montelimar Beach and El Crucero properties.
The Company will receive in excess of US$3,100,000.00 plus certain licensing fees in connection with the transaction. The proceeds will be used to expand the Company's gaming presence in Central America and to develop its plans to enter into the gaming market in the United States to the extent authorized by law.
The Company advises shareholders that it will focus solely on gaming for 2012 as the hospitality business, while profitable, does not provide as much growth as the Company needs. The hospitality assets impaired the Company's ability to expand into the more lucrative gaming markets.
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