Concrete Leveling Systems, Inc. Provides Corporate Update
CANTON, Ohio, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Concrete Leveling Systems, Inc. (OTC PINK: CLEV) (the Company) and Jericho Associates, Inc. (Jericho), its gaming and hospitality division, are
pleased to advise its Shareholders of the following.
Concrete Leveling Systems, Inc. (CLEV - OTC) is pleased to disclose that its casino gaming and hospitality division, Jericho Associates, Inc. (Jericho) with its partners and associates (the “Partnership”) has entered into a formal binding Term Sheet with a California Tribe to design, build, and operate a new casino gaming and hotel resort on a major highway location. The comprehensive Term Sheet designates the Partnership to be its Development Partner and gives it the right to a seven (7) year management contract, earning a share of the net profits, or to be its slot machine vendor whereby the Partnership would provide all of the slot equipment and earn a share of the slot machine net profits. The project is expected to be a “broadly-appealing” fully integrated resort and gaming destination with up to a 250,000 square foot gaming floor encompassing 3000 slot machines and 150 table games. The resort will also include a 300-room modern luxury hotel offering a rich selection of facilities and amenities, a “state of the art” entertainment and event center, an array of multi-culture restaurants, bars, amenities and a 600,000 square foot interconnected parking structure. The budget for the project as contemplated would be over $500 +MIL. The final size, scope and budget for the project will be determined following a market feasibility study, and financing availability. The parties are now drafting closing documents, developing predevelopment and construction budgets, and creating financial models to begin the process of project financing. The Partnership is also working with the Tribe to identify the architectural and engineering firm, general contractor, and potential senior lending sources. As currently contemplated, the casino / hotel resort could generate in excess of $ 400MIL in earned fees and profit share to the Partnership.
Jericho, with its casino gaming associates, and with a major Las Vegas based commercial casino company (“The Association”), is active dialogue with a Tribe and its legal counsel in conducting investigation and project diligence on the development of a major destination casino/hotel resort to be located on a prime site in the Mid-West. The Association is discussing size, scope, budgets, timing and related regulatory matters with the Tribe on the viability and complete development of this project. The proposed “mega resort” has the potential of being one of the largest Tribal destination resorts in the Mid-West. In 2019 the three proximate competitive casinos recorded record breaking revenues of over $1.5 billion dollars. The anticipated scope of the “mega resort” would be estimated at an initial $850 million dollar build out and include 500+ hotel rooms, 250,000 sq. ft of gaming space accommodating 3,500 slot machines, 150 table games, multiple fashionable restaurants, and an entertainment and event center. This would be the first casino project undertaken by Jericho and its partners with a major Las Vegas based commercial gaming company.