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Source: Sun
International Hotels Ltd.
Sun and Station partner in Online Wagering Venture
Paradise Island
15th February, 2002
Sun International Hotels Limited (NYSE: SIH) ("Sun")
and Station Casinos, Inc. (NYSE: STN) ("Station") today announced that
Station will purchase a 50% interest in SunOnline Ltd ("SunOnline"), a
wholly-owned subsidiary of Sun. Each company will have equal board
representation and SunOnline will be the exclusive vehicle for both Sun
and Station to pursue the Internet wagering business.
In September 2001, SunOnline was awarded one of the
first three online gaming licenses granted by the Isle of Man. In
December 2001, SunOnline became the first Isle of Man licensee to commence
operations when it launched www.CasinoAtlantis.com,
its Internet wagering site. The site, operated under strict Isle
of Man regulations, prohibits wagering from jurisdictions that do not permit
Internet wagering including the United States.
"Our strategy for the Internet gaming business is
threefold:
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create a convenient and entertaining wagering experience;
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market the credibility of our land based operations; and
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maintain the highest level of regulatory compliance.
Sun has the same objectives," stated Lorenzo Fertitta, President
of Station. "The combination of Station and Sun will bring together
complementary skills in both operating and marketing this business."
"We are very pleased to have Station as our partner
in this business. Joining forces with Station enhances our effort to develop
an outstanding Internet gaming platform," stated Butch Kerzner, President
of Sun.
The purchase price will approximate $5 million.
The transaction is subject to certain conditions, including Isle of Man
regulatory approval, and is expected to close by the third quarter of calendar
2002. Because the venture is in its early stages, the companies have
determined it is too early to provide any guidance regarding projected
operating results.
About SunOnline Limited
SunOnline Limited is a wholly owned subsidiary of Sun International
Hotels Limited, one of the world's leading resort and casino operators.
Casino Atlantis Online (www.CasinoAtlantis.com)
launched in December 2001.
About Sun International Hotels Ltd
Sun International Hotels Limited (NYSE: SIH) www.sunint.com
is a leading developer and operator of premier casinos, resorts and luxury
hotels. The company's flagship destination is Atlantis www.atlantis.com,
a 2,317-room, ocean-themed resort located on Paradise Island, The Bahamas.
Atlantis is a unique destination casino resort featuring three interconnected
hotel towers built around a 7-acre lagoon and a 34-acre marine environment
that includes the world's largest open-air aquarium. Sun International
Hotels Limited also
developed and receives certain revenue from the Mohegan Sun casino
in Uncasville, Connecticut. The Native American-themed Mohegan Sun
is one of the premier casino gaming properties in the North-eastern United
States and one of the most profitable casinos in the United States.
In the luxury resort hotel business, the company operates eight beach resorts
in Mauritius, Dubai, the Maldives and The Bahamas.
About Station Casinos, Inc.
Station Casinos, Inc. is the leading provider of gaming and entertainment
to the residents of Las Vegas, Nevada. Station's properties are regional
entertainment destinations and include various amenities, including numerous
restaurants, entertainment venues, movie theatres, bowling, and convention/banquet
space, as well as traditional casino gaming offerings such as video poker,
slot machines, table games, bingo and race and sports
wagering.
Station owns and operates:
Palace Station Hotel & Casino, Boulder Station Hotel & Casino,
Santa Fe Station Hotel & Casino and Wild Wild West Gambling Hall &
Hotel in Las Vegas, Nevada. Texas Station Gambling Hall & Hotel and
Fiesta Casino Hotel in North Las Vegas, Nevada. Sunset Station Hotel &
Casino and The Reserve Hotel & Casino in Henderson, Nevada. Station
also owns a 50 percent interest in Barley's Casino & Brewing Company
and a 50% interest in Green Valley Ranch Station Casino, which opened in
December 2001.
This press release contains
forward-looking statements, which are made pursuant to the safe harbour
provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, which are described
in the Sun's public filings with the Securities Exchange Commission.
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