Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Ltd. investors authorized on Thursday the proposed acquisition of Stotsenberg Leisure & Hotel Corporation, including Stotsenberg Hotel and Casablanca Casino, found in the Philippines’ Clark Freeport Zone. The deal is to be finished later in January therefore the Australia-listed group is to cover the total amount of $26 million for the resort and casino complex.
Frontier Capital announced its decision to buy Stotsenberg Leisure & Hotel Corporation back 2015 november. It will pay the above-mentioned consideration in 154.05 million Frontier Capital stocks which is utilized in the vendor in three tranches.
The company said on Thursday that its shares are suspended such that it can replace the description of its tasks following the purchase associated with hotel and casino complex. The shares can be suspended up until the Australian Securities Exchange approves the re-compliance having its rules.
The Stotsenberg resort currently features 239 rooms and a true amount of food and beverage options, tourist attractions, and a convention center with room for up to 2,000 people. In terms of Casablanca Casino, it really is influenced by the hit that is popular and has now 36 gaming tables, 190 slot machines, and two rooms for VIP gambling customers. The complex is located in the Clark Freeport Zone, not far from the Clark International Airport.
E!xcite Gaming and Entertainment Inc.