American Vantage Companies announced that its majority-owned subsidiary, Brownstone GoldTown, LLC ("Brownstone GoldTown"), is finalizing pre-development and reviewing financing proposals from various institutional funding sources for the permanent financing of a hotel and casino project to be located in Douglas County (within minutes of Nevada's capital, Carson City). This northwestern Nevada project is a joint venture with RFG Gaming & Hospitality, LLC, as well as certain non-affiliated investors.
In addition to Brownstone GoldTown's equity ownership in the Brownstone GoldTown Hotel and Casino Resort, Brownstone GoldTown is expected to receive to-be negotiated development and management fees from the hotel and casino operations.
Construction is expected to begin by late-2007 and to open in 2009 with an estimated Phase I construction cost of $125 million.
The preliminary plans for Phase I of the GoldTown Hotel and Casino Resort project (the "Project") includes:
- 300 hotel rooms and suites
- 92,000 square feet of casino space
- 1,000 slot and video poker machines with further expansion to 2,500 machines
- 24 to 30 table games
- 350-seat Bingo parlor
- 6-table Poker room
- Race and Sports Book
- 250-seat celebrity concert stage and lounge
- Restaurants
- Convention facility and other recreational and support amenities
- 50,000 square feet of retail indoor outlet shopping
Phase II of the Project is expected to include:
- Additional rooms
- Twelve-screen multi-digital cinema complex
- Special events center
- Parking structure
- Additional 50,000 to 100,000 square feet of commercial retail space, multi-use space and multiple family and specialty restaurants
Brownstone GoldTown has also entered into an option agreement, expiring in January 2008, for the planned Project site located on a 45+ acre parcel. The site has been approved for gaming purposes and is located in Douglas County on Interstate Highway 395, the east/west route between Sacramento and San Francisco, California and Reno, with nearby access to State Highway 50 (to Lake Tahoe).
