Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Ltd. shareholders approved on Thursday the acquisition that is proposed of Leisure & Hotel Corporation, including Stotsenberg resort and Casablanca Casino, found in the Philippines’ Clark Freeport Zone. The deal is to be completed later on in January while the Australia-listed team is to pay for the amount of $26 million for the resort and casino complex.
Frontier Capital announced its choice to purchase Stotsenberg Leisure & Hotel Corporation back in November 2015. It’ll pay the consideration that is above-mentioned 154.05 million Frontier Capital shares which will be transferred to owner in three tranches.
The company stated on that its shares have been suspended so that it can change the description of its activities after the acquisition of the hotel and casino complex thursday. The shares should be suspended up until the Australian Securities Exchange approves the re-compliance featuring its guidelines.
The Stotsenberg resort presently features 239 rooms and a true quantity of food and beverage options, destinations, and a convention center with room for approximately 2,000 individuals. As for Casablanca Casino, it’s inspired by the popular hit movie and has now 36 video gaming tables, 190 slot machines, and two rooms for VIP gambling customers. The complex is located in the Clark Freeport Zone, maybe not definately not the Clark airport terminal.
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