Despite a tight economy and thin pocketbooks, many Americans refuse to forego a little rest and relaxation. Casinos remain a popular escape as vacationers continue to pump money into the gaming industry.
Southwest Casino Corp. (OTCBB: SWCC) develops, owns, operates, manages and provides consulting services to casinos, gaming facilities and related amenities. The company owns and operates Gold Rush Hotel and Casino and the Digger’s Casino in Cripple Creek, Colo., and has a 50-percent stake in North Metro Harness Initiative LLC, owner and operator of Running Aces Harness Park in Columbus, Minn.
Southwest Casino today announced an agreement with a subsidiary of Palace Resorts, in which it will manage the casino at the Moon Palace Casino, Golf and Spa Resort in Punta Cana, Dominican Republic, expected to open this fall.
“We are excited to announce this extension of our relationship with Palace Resorts. We have enjoyed working with them as consultants and know that their world-class, luxury resorts match our model for a premier casino offering world-class customer service to its patrons,” Jim Druck, Southwest Casino’s CEO stated in the press release. “We appreciate the chance to help them develop this facility as consultants and look forward to the opportunity and challenges as manager of bringing our joint vision of an elegant, full-service Caribbean casino to reality at the Moon Palace in Punta Cana.”
The 1,700-room, all-inclusive luxury resort that houses the casino is located on the far eastern tip of the Dominican Republic. Southwest will manage the casino and run all aspects of casino operations, working with Palace Resorts to market the casino and the resort as an entertainment and gaming destination.
Per the agreement, Southwest Casino will receive a monthly fee for its consultation services, and 5 percent of casino income. Southwest Casino will continue to offer its current assistance to Palace Resorts regarding the design, game selection, training and equipping of the casino; the company will then manage the casino for five years after it opens in late 2008 or early 2009.
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