Business & Finance
Thu, October 15, 2009Wed, October 14, 2009Tue, October 13, 2009Mon, October 12, 2009Fri, October 9, 2009Thu, October 8, 2009Wed, October 7, 2009Tue, October 6, 2009Mon, October 5, 2009Sun, October 4, 2009Fri, October 2, 2009Thu, October 1, 2009Wed, September 30, 2009Tue, September 29, 2009Mon, September 28, 2009Beneficial Holdings Inc.: Beneficial Holdings Inc. Retains Consultants to Explore Gaming Opportunities in Argentina, Columbia,
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Published in Business and Finance on Tuesday, October 6th 2009 at 23:31 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
LAS VEGAS, NV--(Marketwire - October 7, 2009) - Beneficial Holdings, Inc. (
The Company's original plans were to explore opportunities exclusively in Central America; however, several factors have played a role in expanding our focus. First, the Company cancelled an unannounced letter of intent in Costa Rica to build a casino hotel because of a change in the regulatory environment there which reduced Costa Rican casino operating hours and specified the number of slot machines that can be installed per room. Second, the recent political turmoil in Honduras temporarily prevented the Company from moving forward with a negotiation to purchase a casino in San Pedro Sula. (The Company did not announce these opportunities as it was unclear if they would move forward).
As the Company hopes to have over 750 machines in operation by the end of the first quarter of 2010, it chose to look towards South America for expansion.
The Company already entered into discussions with an investor group that owns the majority of a multi-location gaming parlor network with assets in Argentina, Columbia, and Peru. However, the Company's limited legal experience in South America required it to obtain local citizens to assist with the opportunities. Therefore, the Company retained, for a six month term, three full time consultants who have knowledge of the business environment, gaming industries, and applicable regulations of the specified countries. The consultants are also tasked with locating additional opportunities.
Investors are cautioned that the Company would not own the locations outright, but would maintain approximately 60% of the ownership of the investment group's assets. The remaining 40% ownership would be held by the eighteen present investors in the group.
This press release does not constitute an offer of securities for sale. It contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause results to differ. Statements are based on information available as of the date hereof, and the company undertakes no obligation to update any statement to reflect occurrences after the date of this release.
