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Developer The Andalex Group Acquires Veneto Hotel and Casino
in Panama City, Panama; 301 room Hotel to be Rebranded
to Wyndham Flag 
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NEW YORK - June 20, 2007 - Silver Entertainment, LLC (SE), a new hospitality and gaming company established in March by New York-based developer, The Andalex Group, acquired Veneto Hotel & Casino in Panama this week. SE’s gaming license application in Panama was deemed complete earlier this year and the Veneto acquisition is SE’s first venture in Latin America. Meridian Capital Group was broker to the financing which was led by Deutsche Bank Securities Inc. 

The selling party was the partnership of Moisès Haskey, Alberto Daniel Btesh and Abraham Btesh. Full management of the property is expected to be transferred this month. The Veneto Hotel & Casino, built in 2005, is currently the most modern casino in Panama and Latin America and offers 301 guest rooms and 45,000 square feet of state of the art gaming space. 

The property which will be re-branded as ‘Veneto - A Wyndham Grand Hotel Veneto Casino’ is located on Via Veneto, 20 minutes away from Panama’s Tocumen International Airport (PTY) in the heart of the financial and banking center. Wyndham Grand Collection is the pinnacle brand in the Wyndham family. 

SE also announces the appointments of Veneto senior executives Richard S. Rabin, General Manager of Veneto Hotel/Casino; Victor M. Pena, Assistant General Manager operations at large, General Manager Casino; and Werner Hein, General Manager, Hotel. 

Mr. Rabin brings over 30 years of experience in the gaming industry, primarily in the area of casino operations, finance and, food and beverage operations. Mr. Rabin previously held several senior positions in the industry, among them including posts at Century Casinos, PDS Gaming and Sahara Gaming. 

Mr. Pena joins with 28 years experience and a comprehensive background in gaming with an emphasis on tables, slots, marketing and player development and, credit. Mr. Pena held executive management positions at Caesars’, Hilton and Harrahs in top international gaming cities including Atlantic City, Uruguay and Argentina. 

Mr. Hein has operated hotels and resorts over the past 35 years for world class companies including Intercontinental, Sheraton and Americana. He joins the Veneto team from Occidental Hotels where he spent the last 12 years managing properties throughout the Caribbean, Latin America, Europe and Africa. 

“We saw the booming economy and the canal expansion as two great opportunities to enter the market in Panama. Under Silver Entertainment management, Veneto Casino will offer the only Las Vegas style experience in all of Panama and possibly, Latin America,” said Chief Operating Officer, Alex Silverman. 

Current casino features include 625 slot machines with ticket in/ticket out (TITO) technology allowing guests to freely move around the casino, over 42 table games with the biggest Poker Room in Panama at 100-seats, Special Baccarat room and, a full service Race and Sports Cafe area. Renovations are planned to two executive floors of the property. 

Hugh J. Shaddick was recently hired by SE as Senior Vice President of Gaming Development. Shaddick, a 25-year industry veteran, is charged with implementing the Silver Entertainment strategy to become a prominent force in the mid-market casino gaming space. 
SE’s primary focus is to pursue and develop small and large operator segments within the casino market. Chief Operating Officer, Alex Silverman and Chief Investment Officer, Andrew Silverman jointly bring real estate and investment experience as principals of parent company, The Andalex Group, a family-owned, full-service real estate organization based in New York. 

SE continues to focus on the acquisition and development of casino gaming and resort operations in Latin America, the Caribbean and United States. The company will continue to concentrate on the acquisition of existing licensed going concerns in regulated gaming jurisdictions. 

Both the government and private enterprises in Panama operate casinos and other forms of gaming. The country boasts a thriving gaming industry with Panama City as host city to the most number of casinos in Latin America, well visited by both locals and tourists. 

The Andalex Group 
The Andalex Group is a family-owned, full-service real estate organization founded in 1989 by Allen Silverman that specializes in the acquisition, development, construction management and leasing of all property types. The firm’s diverse portfolio of more than 4.5 million square feet ranges from Class-A office and retail space to suburban corporate parks. The firm’s growing portfolio includes Arris Lofts, a 485,000 square-foot luxury loft renovation in Long Island City, Queens; 101 Avenue of the Americas, a 400,000-square-foot Class-A tower in lower Manhattan; and Sylvan Corporate Center, a sprawling 19-acre corporate campus with a 140,000-SF office complex in Englewood Cliffs, N.J.  

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Contact:

Carrie Crespo
212-358-0800
carrie.crespo@cliffordpr.com
 

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Also See: Panama Hotel Developer Herman Bern Building 300 room InterContinental Playa Bonita Resort on Panama's Pacific Coast / October 2004
Empresas Bern, a Panamanian Hotel Developer, Signs InterContinental to Operate The Holiday Inn Hotel and School at the City of Knowledge in Panama; Hotel Will Feature State-of-the-Art Learning Spaces for the Hospitality Program / August 2006
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