Benchmark and French Lick Resorts Re-negotiate Management Responsibilities
FRENCH LICK, IN, December 5, 2007. French Lick Resorts & Casino, LLC and Benchmark Hospitality International have finalized negotiations regarding the full on-site management responsibility for the French Lick Resort Casino and its two hotels - French Lick Springs Hotel and West Baden Springs Hotel. Pending approval of the Indiana Gaming Commission, it is expected that as of January 1, 2008, French Lick Resorts & Casino will assume full on-site management for both hotels and the casino.
Benchmark Hospitality International will support French Lick Resorts during the transition period to insure continuation of service at the resorts' current AAA Four-Diamond levels. After the transition on December 31, 2007, Benchmark will provide support to the resorts as a hospitality consultant in operations and marketing.
"Benchmark was instrumental in the process of re-opening these two wonderful hotels and helping to achieve our goal of creating the 'Midwest's Premier Destination Resort," said Stephen Ferguson, President of French Lick Resorts. Burt Cabanas, Chairman and Chief Executive Officer for Benchmark Hospitality International added "I am very proud of the accomplishments of the Benchmark team and the team from French Lick Resorts, including the Cook family, in re-opening two incredible and historic hotels within six months of each other -- and of both achieving the AAA Four-Diamond rating so soon after opening."
This change in management control follows a consolidation earlier this year in June 2007 when affiliates of the Cook family completed an acquisition of the ownership interests of Lauth Resorts & Casinos, LLC. "We are a much more hands-on organization which is a different structure than originally contemplated in the Benchmark management agreements. Benchmark performed well in preparing the project for success. Now it is our job to take their initial success and build on it to achieve the full potential of this great resort," said Ferguson.
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