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.
On December 6, 2019 Jericho - Vegas Winners, Inc matter was mutually terminated, however to further Jericho’s interest in the growing sports wagering industry, Jericho has entered into an NDA and Letter of Intent with a gaming technology company based in Stockholm, Sweden that has developed and is currently marketing a proprietary “Smart Technology” Betting Application (“app”). This app offers its users the easiest and fastest odd’s from operators and utmost modern “Smart Technology” driven ability to accommodate multiple betting accounts with various operators on their smart phone, and to register, log in, deposit, withdraw, and place bets on a sleek, easily navigable, and uniform interface. It will also display bet placement and bet history with full transparency of profits and losses and allow the user access to immersive statistics on all sports, leagues, and players. The subsequent “Smart” feature will offer full live streaming of the games/matches as well as post game recaps. The global online gambling market is estimated to be 100 BIL by 2024, with 80% of all sports bets placed via smart phone. Jericho is conducting diligence in anticipation of acquiring 34% of the US market, with options for similar participation in Mexico, South America, Latin America, Asia, and Africa. The state of the art technology within this app is perfectly suited to take advantage of the global growth in online mobile sports betting not only on a “business to customer” basis, but also as a “business to business” basis as a “white label” provider. Also pertinent is that only recently the California casino gaming Tribes have started an initiative to lobby the state to allow sports betting in California Tribal casinos. This could lead to future mutual benefits for the Partnership and the technology company.
Our effort to build a project pipeline allows us to continue discussions with one of the largest Tribes in the South West concerning multiple Tribal Casino projects; one is a new build and the others are major expansions and “rebranding” of existing casinos on strategic highway locations.
On the commercial gaming front, Jericho, is under a strict NDA shared with one of the world’s largest Las Vegas based casino gaming companies and will begin due diligence on two regional casino properties offered to Jericho for review and due diligence. They are mid-size casinos that have developed loyal customer bases within their communities and have growth and expansion possibilities.
Jericho and its gaming associates believe that casino projects require a “differentiating” theme or attraction. Toward that end, Jericho is working with a Canadian company that has founded and developed a successful “attraction/event”. The event aggregates food, entertainment, games, music, and retail vendors in a colorful and festive setting. It also provides children’s rides and activities making it a full family venue. The goal would be to replicate this attraction in near proximity to the Jericho developed or managed Tribal casino(s) while cross marketing casino and event patrons. The currently operated event draw’s as many as 10,000 patrons on a daily basis. The California Tribal project is ideally suited to such an event. Jericho and its partners are working with the event founder and developer on a mutually rewarding arrangement to capitalize on related synergies and have identified a number of possible casinos for similar event developments in a partnership relationship.
Jericho is in the imminent stages of completing the terms of the, March 24, 2017 performance agreement to finalize the acquisition of the publicly traded company (CLEV – OTC). Jericho has already begun the process of a corporate name change and new stock trading symbol to better reflect its core business of casino gaming, hospitality, and entertainment, and will seek to elevate its trading activities to either Nasdaq or NYSE. The “new” company will then select and appoint a new Board of Directors, elect new company officers and management team, and create a Corporate Advisory Board.
Contact:
Ronald J. Tassinari
Rjtass@hotmail.com
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