Easton Pharmaceuticals has once again shown a taste for investments that don’t seem to have a whole lot to do with the company’s stated business purpose. On Wednesday, it issued a statement to the press that it has entered into a letter-of-intent to “acquire an interest or participate” in the creation of a hotel casino resort in Europe. While it has not yet been announced specifically with whom the firm has signed this letter, it is known to be with the US based gaming arm of a large Canadian investment company.
Despite the fact that the agreement itself is still under wraps, a number of details are clear at this stage. The venue will house more than 500 hotel rooms, five restaurants, a food court, a shopping centre, a nightclub, a spa, a convention centre, a parking garage, and a major casino with approximately 1,000 slots and 50 table games. This will be the second casino venture which the firm has planned and is expected to return over €75 million in revenues annually.
“This casino and hotel resort project will be a high-end development in an idyllic river location… It will be the second Casino Hotel Resort Easton intends to participate in as part of our global expansion plan,” Easton Pharmaceuticals Chief Executive Officer Evan Karras said in a statement. “We are excited for the prospects of having Easton participate in such an incredible opportunity. This agreement is one of several that Easton is entering into for gaming globally and will (we expect) bring the company and its shareholders tremendous value and growth.”
The deal is expected to be completed and signed off within thirty days. More information on the location details for the venture, as well as other related matters, should be forthcoming.
