Nevada Gaming Control Approves Cannery Partnership With Oaktree
LAS VEGAS, NV, September 26, 2006. Cannery Casino Resorts, LLC announces that Nevada Gaming Control has approved the acquisition by an entity managed by Oaktree Capital Management, LLC (Oaktree), a Los Angeles-based global private investment firm, of a 33% ownership interest in Cannery Casino Resorts. The approved transaction results in Millennium Gaming, Inc., a corporation equally owned by William J. Paulos and William C. Wortman, to own 67% of Cannery Casino Resorts, LLC while the Oaktree fund will own 33%.
Cannery Casino Resorts, LLC owns and operates the Cannery Casino & Hotel and operates the Rampart Casino at the Resort at Summerlin. Both properties are local Las Vegas casinos. A subsidiary of Cannery Casino Resorts, LLC has engaged Banc of America Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated to raise up to $275 million in a new senior secured credit facility. The proceeds will be used to pursue a gaming opportunity in Pennsylvania.
Oaktree Capital Management, LLC is a Los Angeles-based global investment management firm with more than $30 billion in assets under management in specialized investment strategies. These strategies include private equity, distressed debt, high yield bonds, convertible securities, emerging market equities, real estate and mezzanine debt. Oaktree's institutional clients include Fortune 100 companies, large public pension funds, university endowments, private foundations and high net worth individuals.
The Oaktree investment is made through its Principal Opportunities Group. The Principal Opportunities Group manages in excess of $4.2 billion in committed capital and sponsors management buyouts and other private equity investments. The Principal Opportunities Group has a history of investing in attractive companies in partnership with management, providing the resources necessary to develop the business and create long-term value.
Cannery Casino Resorts, LLC, owns and operates the Cannery Casino & Hotel in North Las Vegas, at the corner of Craig and Losee roads at 2121 E. Craig Rd., Las Vegas, Nev., 89030, as well as operates the Rampart Casino at the Resort at Summerlin at 221 N. Rampart Blvd., Las Vegas, Nev., 89145, which is located within the JW Marriott Resort. The Cannery Casino & Hotel and Rampart Casino can be reached at (702) 507-5900, 866-999-4899, or by visiting http://www.cannerycasinos.com/ or http://www.rampartcasino.com/ for more information.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
