Gaming news briefs for April 6, 2004

Tuesday, April 6, 2004 | 10:58 a.m.

Sales talks continue

Prospective Castaways buyer Randy Miller said he and his partners are still actively negotiating with Vestin Mortgage, the owner of the closed Las Vegas property on Fremont Street.

Miller said he and partners Rich Iannone and Rich Gonzales have extended their exclusive option to buy the hotel-casino that closed Jan. 28, an option that now expires Wednesday at 5 p.m.

"We're encouraged by what we've found so far," Miller said of the ongoing talks with Vestin. "It's full speed ahead for our (negotiations)."

Miller declined to assess the likelihood of the group's buying the property.

"It's tough," Miller said. "You just never know about these negotiations."

Miller and his partners own the Bighorn Casino in North Las Vegas and the Longhorn Casino on Boulder Highway.

Lottery giant buys Caribbean firm

WEST GREENWICH, R.I. -- GTECH Holdings Corp. has announced plans to spend $40 million on Caribbean lottery company Leeward Island Lottery Holdings Company Inc.

The all-cash deal gives the lottery giant eight new contracts in the Caribbean and long-term licenses to operate games in Antigua and Barbuda, Anguilla, St. Kitts and Nevis, St. Maarten and Saba and St. Eustatius, and Turks and Caicos.

GTECH said it expects the acquisition will add between $6 million and $8 million in revenue annually. The deal is expected to close by the end of next month, according to The Providence Journal.

On Monday, GTECH's stock rose to $59.41.

Leeward Islands was founded by Robert Washington Jr., Robert Johnson, founder and chief executive officer of Black Entertainment Television, and Johnnie Cochran Jr., the nationally known defense attorney.

The company will remain a stand-alone entity under GTECH, with a separate advisory board. All three Leeward founders will be on the board. This is the first time that GTECH has actually acquired lottery licenses. Typically the company is not the license holder but is awarded contracts to operate lotteries by license holders.