Peter R. LaFemina, Investor Relations
Phoenix Leisure’s Gaming Vessel Arrives in Gulf Coast
LAS VEGAS, Nevada, August 20, 1999 – Phoenix Leisure Corporation
(VSE: PLS), today announced that its gaming vessel has arrived at its
new temporary home in Port Bienville, Mississippi. The arrival marks
the end of its 4,000-mile journey from Windsor, Ontario to the Mississippi
Gulf Coast. "We are extremely pleased by the progress made by the
vessel and her crew and we’re glad to further report that it has arrived
safely, in good working order and ahead of schedule," said Eric L. Nelson,
the Company’s Chairman and President. The vessel was navigated by
Captain John H. Hall of Ocean Masters, a marine logistics firm based in
The gaming vessel, the former Northern Belle, was purchased by Phoenix Leisure for US$2.2 million from Park Place Entertainment Corporation in early June. The vessel departed Windsor on July 18.
"The purchase of this renowned casino was an important acquisition for Phoenix Leisure and we are proud to have it form the basis for our new dockside casino," said Nelson. "It’s greatest value to us has always been its infrastructure and decking and the vessel will undergo a significant ‘makeover’ in the upcoming months to complement our resort theme." The vessel will be moved to its permanent site by Bayou Caddy after the Company begins construction of the resort, anticipated to begin in the fourth quarter of this year pending gaming license approval and financing. The vessel’s exterior will be modified with a façade to complement the design of the hotel’s exterior. All efforts have been made in the architectural plan to create a contiguous and open flow from the hotel to the casino and surrounding beachfront.
Headquartered in Las Vegas, Phoenix Leisure Corporation is an emerging developer and operator of niche opportunities in the gaming, hospitality and entertainment industry. Phoenix Leisure Corporation’s Chairman of the Board and President, Eric L. Nelson previously developed dockside gaming facilities in Greenville and Tunica, Mississippi. The company’s stock is publicly traded on the Vancouver Stock Exchange under the symbol "PLS".
Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company’s public filings with the Canadian Securities Administrator’s SEDAR® database and the Vancouver Stock Exchange.
The Vancouver Stock Exchange has not reviewed this news release and
does not accept responsibility for its accuracy.