Torguson Gaming and Caillavet Street Development Working Together to Secure Local Ownership of Bacaran Bay

From: News Release  
Filed 3/25/08 GCN
 
Torguson Gaming Group, Inc. announced today that it has entered into an agreement with Caillavet Street Development Group, LLC (CSDG), owners of the land under the proposed Bacaran Bay Casino Resort and Firegame, LLC, a finance company holding security interests in some of the land, to convey the majority of its land and interests in the project to Phoenix Gaming Group, LLC, a new company formed by all three parties to direct development of Bacaran Bay Casino Resort.  Torguson will remain involved with Bacaran Bay as a minority equity holder and will serve as a consultant to the project going forward.
 
Torguson's Chairman of the Board and Chief Executive Officer, Marlin F.Torguson said, "We are pleased to remain a partner in the Bacaran Bay project and are committed to working with CSDG to support the success of the resort.  It is important the project will go forward with local ownership.  Our agreement will also allow us to pursue other gaming developments."
 
Managing Member of CSDG, John Ed Ainsworth stated, "We are looking forward to moving ahead in our new relationship with Torguson Gaming Group. Everyone involved is committed to completion of the Bacaran Bay Casino Resort development and its future success."

More Information:

Bacaran Bay Website

Condos No Longer Part of Bacaran Bay Casino Project - WLOX

Bacaran Bay Lease Terminated - Sun Herald