Royal Casino Group Seeks Riverboat Deal
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Royal Casino Group Inc., an Agoura Hills-based company with no major assets, is trying to get into the gaming industry. It said it is a finalist for a riverboat gambling concession in a small Missouri town and is pursuing a similar project in Mississippi.
Jon F. Elliott, president and chief executive officer of Royal Casino, said officials in New Madrid, a Missouri town of about 3,400 people along the Mississippi River, have said they will decide between Royal Casino and a rival bidder by Monday.
The project, with an expected development cost of nearly $11 million, would involve a riverboat casino, and dockside restaurant and lounge, Elliott said. Royal Casino said it has a large company as a partner in the proposed venture, but Elliott would not identify the firm.
Royal Casino is also trying to locate a dockside gambling site along the river in Mississippi, Elliott said.
Royal Casino, whose stock is traded over-the-counter, was renamed in January from Capitol Television Network Inc. after it failed to form a new television network.
Elliott said his firm, with various potential partners, hopes to develop 20 to 40 casinos in small- to mid-sized markets in coming years, contingent on regulatory approvals and raising capital.
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