CANTON, Ohio, March 14, 2023 (GLOBE NEWSWIRE) -- Concrete Leveling Systems Inc (OTC PINK:CLEV) (the Company) and Jericho Associates Inc (Jericho), its hospitality and gaming division, are pleased to advise and update our Shareholders as to the current direction and progress of the Company.
Jericho is a Nevada corporation formed as a special purpose company focusing on the casino gaming, hospitality, entertainment, and leisure time industries. In March of 2017, Jericho entered into an agreement with Concrete Leveling Systems, Inc, whereby Jericho became the gaming and hospitality division of CLEV.
Further to the company’s previously disclosed acquisition interests, the following should be noted. During the regulatory review and diligence process the unexpected COVID outbreak materialized, heightened in the U S and caused a national slowdown in business and financial activity. As such, Jericho sought additional selective acquisition opportunities for its pipeline.
On a positive note, Jericho has identified new projects in hospitality, casino gaming, entertainment and leisure time activities. It is currently in various stages of discussion, due diligence, investigative and regulatory activity on three separate opportunities, each of which is worthy of incremental shareholder value.
One such project is a commercial casino and hotel development. Located in Nevada it is currently contemplated to have 100 hotel rooms, 1500 slot machines, 15 table games, 2+ restaurants, an entertainment area and a complement of convention facilities. The budget for this project is approximately $80 mil. This would be a design, develop, and operate activity and would be completed in a partnership with third party investors, and commercial debt financing.
The second project, currently awaiting final regulatory approval, is a Tribal project with an estimated total cost of about $600 mil. It is located in a heavily populated California area with excellent casino player demographics. Because of its contemplated large size and scope, it would be structured as a joint venture or partnership with the current developer and major investors. It would include a large casino with a full complement of gaming, dining and entertainment amenities. The project would be a complete planned development that could include housing, retail and related commercial activities.
The third project would see Jericho working with certain associates to master plan a currently operating Tribal casino into a full remodel while expanding its existing casino operation and developing an accompanying hotel. The team would also advise the Tribe on additional ways to increase gaming revenue and profitability.
To assist in this growth process Jericho is pleased to announce the addition of two members to its Board of Directors. Jericho would like to welcome Mr. Ray Brown and Mr. Rudy Prieto as Board members.
Ray Brown brings 38 years of both commercial and Tribal gaming experience to Jericho. His background includes a full array of development, operational, and distressed property rebranding and turnaround. Further, his experience, more specifically includes but is not limited to: land acquisition, environmental review, construction management, internal controls, policies and procedures, pre and post opening operational and marketing strategies. Ray has also acted in the capacity of Federal, State, and Local Government and Municipality Liaison for commercial and Tribal projects. Ray has served many of the top commercial gaming brands in Las Vegas, Reno and Atlantic City and developed, opened and or operated ten Native American gaming operations across six states.
Rudy Prieto is a recognized industry leader serving in CEO, COO, and senior level executive capacities for some of the world’s most recognized commercial and Tribal casino resorts. He has 43+ years of extensive experience in hotel and casino operations including slots, table games, finance, marketing compliance and regulatory matters. His exceptional leadership skills in developing and managing effective operational teams’ results in increased operational revenue and profitability. Rudy’s background includes: President and COO of Trump Taj Mahal Casino Resort in Atlantic City, VP of Operations for Boyd Gaming, overseeing 12 casino properties in 6 states with 10,000 employees, CEO and GM of the Las Vegas Hilton where he increased EBITDA over $35 mil in 3 years. Rudy then moved on to Tribal casinos: GM of Pechanga Resort Casino in Southern California – one of the state’s largest and most successful Tribal casinos, CEO of Desert Diamond Casinos in Arizona where he developed and operated 4 successful casinos and increased EBITDA by 20% in 3 years.
Welcome to Ray Brown and Rudy Prieto!!
Mr. Brown and Mr. Prieto, with acting Jericho CEO Ron Tassinari, will continue company efforts in its current projects as well as continue to seek new opportunities that will further enhance shareholder value.
We appreciate our shareholders support as we continue on our Company efforts and we look forward to reporting further updates soon.
Ronald J. Tassinari
Notice About Forward-Looking Statements
This news release may contain "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for any acquisitions, production, marketing, products or product sales, and the timeliness within which such items may be accomplished, as referred to in this news release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with acquisitions, product development and sale. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time. No information in his press release should be construed in any way as an indication of the Company’s future revenues, financial condition, or stock price.