Hotel Online Special Report

advertisement
NevStar Wins Approval to Build Casino Complex 
in North Las Vegas, NV
 
LAS VEGAS, Feb. 25, 1999 -  NevStar Gaming Entertainment Corporation (Nasdaq: NVST) announced today that the City of North Las Vegas Council voted 4-0 to grant a use permit for the estimated $140 million NevStar 2000 entertainment complex.

The estimated $140 million project, called NevStar 2000, which is planned to include a shopping mall, 60 lane bowling alley, a 200 room hotel casino and multiplex theater, was unanimously approved by the Planning Commission in December, 1998, but the City Council rejected the Commission's recommendation to approve.

NevStar then filed suit to overturn the ruling and gain a permit prior to the state-imposed deadline restricting neighborhood casino permits effective January 1, 1999. The District Court Judge ruled in NevStar's favor at the hearing and the City of North Las Vegas Council unanimously approved the use permit February 17, 1999.

NevStar's Chairman Dr. Michael Signorelli said, "We are extremely pleased that the judge ruled in our favor to allow the permit and believe the decision is very much in the best interests of North Las Vegas residents. We had no choice but to sue the city to protect our stockholders' interest and our substantial investment in the project. However, we intend to work closely in a cooperative manner with North Las Vegas to provide a multi-purpose entertainment development that will serve as the centerpiece of the community." He indicated that the venture could generate as much as $1 million a year in gaming tax revenue and approximately 1200 jobs.

According to Dr. Signorelli, "We can now begin the serious planning and development of NevStar 2000 with shopping, entertainment and community use facilities. I'm confident that the residents of North Las Vegas will appreciate the finished product. Certainly the project would be a major plus for NevStar's stockholders." NevStar currently owns and operates the Mesquite Star Hotel Casino in Mesquite, Nevada, which is a 210 room Best Western affiliated hotel with two restaurants, an entertainment bar and a casino with slot/video machines and table games. The Mesquite Star opened July 1, 1998.

NevStar Gaming Entertainment Corporation is a company formed for the purpose of acquiring, developing, constructing, owning and managing hotel/casino projects. Its initial hotel/casino, the Mesquite Star Hotel Casino in Mesquite, Nevada, has been operating since July 1, 1998.

Certain statements contained in this release are forward looking. Although NevStar Gaming Entertainment Corporation believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. For important factors that may cause actual results to differ materially from expectations and underlying assumptions, see Company's Prospectus dated September 18, 1997, and its most recently filed Forms 10-KSB and 10-QSB.

###
 
Contact:
Michael J. Signorelli, Chairman, CEO, 
or Brent E. Duncan, CFO, 
of NevStar Gaming 
and Entertainment Corporation, 
702-269-1325
 --
 
Also See: NevStar Gaming Entertainment Schedules Mesquite Star Opening for July 1st / June 1998 

To search Hotel Online data base of News and Trends Go to Hotel.Online Search
Back to Hotel.Online Press Releases
Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.