After some delays, Caribbean Casino and Gaming Corp the first letter of approval from the government of the Dominican Republic regarding the fourth acquisition.
This deal consists of the lease with an option to buy, El Hipodromo Quinto Centenario, the only horse race track in the country, which is currently owned and operated by the government.
The deal includes casino licence valued at US$350,000 (expected to be a Vegas style venue), slots licence valued at $150,000, licence to install 2,000 betting locations in Dominican territory valued at $6m, plus more.
CGAQ has put $1m in an escrowed account with a New York Attorney firm and it has 45 days to agree or amend some of the terms in the deal. Final contract terms will be discussed in the following weeks.
CEO Steven Swank stated: "This is a huge deal for the company which will represent a revenue source of great importance and value. All aspects involved in this deal are valued in the millions of dollars.”
"This is the only horse race track in the country with no competition, it is an enormous property, in which we can develop other projects, and being able to open 2,000 betting locations will mean that CGAQ will have a dominant presence in almost all the Dominican territory."
