Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Ltd. shareholders authorized on Thursday the acquisition that is proposed of Leisure & Hotel Corporation, including Stotsenberg Hotel and Casablanca Casino, located in the Philippines’ Clark Freeport Zone. The deal is to be finished later in January and the group that is australia-listed to pay for the total amount of $26 million for the hotel and casino complex.
Frontier Capital announced its choice to buy Stotsenberg Leisure & Hotel Corporation back in November 2015. It will spend the consideration that is above-mentioned 154.05 million Frontier Capital shares which will be utilized in owner in three tranches.
The company stated on that its shares have been suspended so that it can change the description of its activities after the acquisition of the hotel and casino complex thursday. The stocks can be suspended up until the Australian Securities Exchange approves the re-compliance with its rules.
The Stotsenberg resort presently features 239 rooms as well as a true number of food and drink options, attractions, and a meeting center with space for approximately 2,000 people. As for Casablanca Casino, it’s prompted by the popular hit movie and contains 36 video gaming tables, 190 slots, and two rooms for VIP gambling clients. The complex is located within the Clark Freeport Zone, perhaps not far from the Clark airport terminal.
E!xcite Gaming and Entertainment Inc. would operate the gaming and hospitality company.