Frontier Capital Group Limited, subject to approval of shareholders, has agreed to the acquisition of Stotsenberg Leisure & Hotel Corporation located at Clark Freeport Zone, Philippines (Acquisition).
The Stotsenberg Hotel consists of impressive 3 storey buildings with 239 hotel rooms – 2 Presidential Suites (The John M. Stotsenberg Suite and the Harold M. Clark Suite); 39 Executive Rooms, 28 Deluxe Queen Bedrooms, 163 Deluxe Twin Bedrooms; and 7 Studio rooms. Outlets include restaurants and bars – Bleu, Twist, S-Bar, Hacienda Lounge while amenities consist of swimming pool, the Trim Gym and the Central Park in the middle of the development. Additional facilities are the Convention Center, which can accommodate 650 - 2,000 people (depending on configuration).
The Casablanca Casino operates from the Stotsenberg Hotel, inspired by the 1942 romantic hit film Casablanca starring Humphrey Bogart and Ingrid Bergman.
The following table shows the current casino configuration:
Gaming Tables 36
Slot machines 190
VIP rooms 2
E!xcite Gaming and Entertainment Inc (E!xcite) will provide management and operate the hotel and gaming business. E!xcite have provided a 5-year profit guarantee of US$5 million per annum (US$25M) (Profit Guarantee). E!xcite will pay any shortfall to the Company and any securities issued to E!xcite will be linked to achieving the Profit Guarantee and released proportionately as the Profit Guarantee is met.
Upon receipt of audited accounts verifying the Net Profit After Tax (NPAT) for each of the 2016 – 2020 Financial Years is US$5,000,000 or more, E!xcite will be issued 28,440,000 shares representing the guaranteed US$5 million profit.
In the event that the NPAT is less than US$5,000,000, E!xcite will pay to the company the difference between US$5,000,000 and the actual NPAT before the shares are issued.
About Stotsenberg Leisure & Hotel Corporation
Stotsenberg Leisure & Hotel Corporation, consisting of Hotel Stotsenberg and Casablanca Casino, is located at Clark, a sprawling, cosmopolitan metropolis that offers many places of interests and a host of events and activities accessible to a wide spectrum of tourists and visitors.
With a highly improved road network and increasing flights at Clark International Airport (CIA), Clark is setting out to become the hub for business, aviation and tourism in the Philippines.
The Stotsenberg Hotel and Casablanca Casino are located less than 2 kilometers from the CIA. Several airlines offer domestic and international flights to CIA, with 4 million passengers arriving each year.
Clark Freeport Zone, in the Philippines, is a redevelopment of the former Clark Air Base, a former United States Air Force base. It is located on the northwest side of Angeles City and borders the municipality of Mabalacat in the province of Pampanga. It is located 80 kilometers northwest of Metro Manila. The zone is a former US military base and has modern infrastructure facilities, generous fiscal and non-fiscal incentives, professional support services and other amenities.