Baccarat Casino expansion encouraged by new owners
The Casino will keep its current management
Australian New World Gaming Partners Ltd., the prospective new owner of the Baccarat Casino, plans to accelerate expansion plans for the complex. The multi-billion dollar company also expects to purchase the Gateway Casinos Income Fund, which currently manages the Baccarat.
“After the potential sale, Baccarat Casino will maintain its current management, which is committed to expanding,” spokesman Brian Hetherington explained. “The buyer is a big player in games and entertainment and it will likely support the existing expansion strategy.”
Purchase of the income fund is expected to be completed by the end of 2007, depending on the approval by unitholders and regulatory authorities. Until the sale is closed, the fund will continue paying its monthly cash distributions of 12.5 cents per each unit.
Australian New World Gaming Partners Ltd., the prospective new owner of the Baccarat Casino, plans to accelerate expansion plans for the complex. The multi-billion dollar company also expects to purchase the Gateway Casinos Income Fund, which currently manages the Baccarat.