DTLL, Inc will acquire AWI’s 50.6% interest in the Grand Sierra Resorts (“GSR”).GSR is under contract to purchase the Reno Hilton (NYSE:HLT) currently held by Harrahs Entertainment, Inc ( NYSE:HET).
February 26, 2006 (Press Release) --
DTLL TO ACQUIRE INTEREST IN GRAND SIERRA RESORTS
DTLL ACQUIRES OPTION FROM ANGELA WHICHARD, INC
Bloomington, MN, February 27, 2006: DTLL, INC (“DTLL”) (OTCBB:DTLI.OB) announced today that it has acquired an option from Angela Whichard, Inc (“AWI”) to purchase its existing shares in Grand Sierra Resorts (“GSR”), consisting of approximately 40% of the GSR outstanding stock and the option to purchase a 50.6% interest in GSR. GSR is currently under contract to purchase the Reno Hilton (NYSE:HLT) currently held by Harrahs Entertainment, Inc ( NYSE:HET).
The combined companies will have in excess of a $150 million in revenues and a projected earnings before taxes (EBIDTA)to be in excess of $30 million dollars The intent is to establish a multi-facility hotel, gaming, entertainment, and real estate development company. Similar companies, like Monarch Casino and Resort, Inc (NASDAQ: MCRI), a Reno based single hotel and casino, has a market capital in excess of $500m and trades at a multiple of more than 20 times EBITDA earnings. Monarch has approximately 600 rooms with an additional 16 acres available for future development compared to the Reno Hilton with more than 2,000 rooms and more than 100 acres for future development. Wynn Resorts (NASDAQ:WYNN) is also a single hotel and casino property with a market capitalization in excess of $6 Billion Dollars.
Haywood Whichard of Angela Whichard, Inc, a real estate development and investment company, based in Raleigh, North Carolina, was quoted as saying:
“We are excited about realizing value on this investment with the shareholders of DTLL and we are confident that the executive team at Grand Sierra Resorts will provide substantial returns for the DTLL shareholders.”
Following the acquisition of the Reno Hilton, GSR intends to initiate a renovation and repositioning program (the “Redevelopment Project”) intends to create one of the Country’s largest destination resort and entertainment complexes outside of Las Vegas. The Redevelopment Project will include the branding of the Hotel into the Grand Sierra Resort & Casino (“Grand Sierra Resort”), the renovation of all hotel rooms and common areas, the addition of high end retail shops, celebrity restaurants, entertainment venues, midways as well as the nation’s largest indoor water park.
For more information go to the Company’s web site (www.grandsierraresort.com).
The development of the property is subject to risks and uncertainties which include, but are not limited to, those relating to permitting, financing, the actions of federal, state, or local governments and agencies. DTLL may be affected by some or all of these factors and other risks and uncertainties, many of which are beyond DTLL's control. Except for historical statements contained herein, the statements made in this release constitute forward-looking statements that involve risks and uncertainties.
DTLL ACQUIRES OPTION FROM ANGELA WHICHARD, INC
Bloomington, MN, February 27, 2006: DTLL, INC (“DTLL”) (OTCBB:DTLI.OB) announced today that it has acquired an option from Angela Whichard, Inc (“AWI”) to purchase its existing shares in Grand Sierra Resorts (“GSR”), consisting of approximately 40% of the GSR outstanding stock and the option to purchase a 50.6% interest in GSR. GSR is currently under contract to purchase the Reno Hilton (NYSE:HLT) currently held by Harrahs Entertainment, Inc ( NYSE:HET).
The combined companies will have in excess of a $150 million in revenues and a projected earnings before taxes (EBIDTA)to be in excess of $30 million dollars The intent is to establish a multi-facility hotel, gaming, entertainment, and real estate development company. Similar companies, like Monarch Casino and Resort, Inc (NASDAQ: MCRI), a Reno based single hotel and casino, has a market capital in excess of $500m and trades at a multiple of more than 20 times EBITDA earnings. Monarch has approximately 600 rooms with an additional 16 acres available for future development compared to the Reno Hilton with more than 2,000 rooms and more than 100 acres for future development. Wynn Resorts (NASDAQ:WYNN) is also a single hotel and casino property with a market capitalization in excess of $6 Billion Dollars.
Haywood Whichard of Angela Whichard, Inc, a real estate development and investment company, based in Raleigh, North Carolina, was quoted as saying:
“We are excited about realizing value on this investment with the shareholders of DTLL and we are confident that the executive team at Grand Sierra Resorts will provide substantial returns for the DTLL shareholders.”
Following the acquisition of the Reno Hilton, GSR intends to initiate a renovation and repositioning program (the “Redevelopment Project”) intends to create one of the Country’s largest destination resort and entertainment complexes outside of Las Vegas. The Redevelopment Project will include the branding of the Hotel into the Grand Sierra Resort & Casino (“Grand Sierra Resort”), the renovation of all hotel rooms and common areas, the addition of high end retail shops, celebrity restaurants, entertainment venues, midways as well as the nation’s largest indoor water park.
For more information go to the Company’s web site (www.grandsierraresort.com).
The development of the property is subject to risks and uncertainties which include, but are not limited to, those relating to permitting, financing, the actions of federal, state, or local governments and agencies. DTLL may be affected by some or all of these factors and other risks and uncertainties, many of which are beyond DTLL's control. Except for historical statements contained herein, the statements made in this release constitute forward-looking statements that involve risks and uncertainties.
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