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WinCity To Acquire Antigua Casino


WinCity Holdings Inc has entered into a formal Letter of Intent with Dickenson Grand Bay Ltd of Antigua in the West Indies to acquire an 80% interest in its casino operation for $11,000,000 dollars US.

The casino/hotel & resort property was recently completed in early 2008 at which time it commenced operations . At present the hotel and resort facilities and their construction have yet to commence due to an extremely soft economy and availability of favorable financing to fully build out the project. 

Under the Letter Of Intent, the acquisition calls for WinCity to acquire an 80% interest in Dickenson Grand Bay Ltd including all real estate assets and business operations. The acquisition price of $11 was based on a $14 million dollar valuation, for which the company will issue both its common and preferred stock to pay for the transaction.

The anticipated closing date for the transaction is expected to take place on or before July 31st, 2011. 


Posted by .(JavaScript must be enabled to view this email address) on 04/25 at 12:17 PM

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