Company is on target for pro-forma annual adjusted EBITDA of over US$5.0 million from machines currently or to be deployed under terms of Tonkawa contract
VANCOUVER, Oct. 5, 2015 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSX-V: PYD) ("Poydras," "PGFC," or the "Company") today announces that the renovation project undertaken with the Tonkawa Tribe of Indians of Oklahoma at their Native Lights Casino, and the additional development project at their Tonkawa West Casino, have both been completed as of the end of September 2015.
With this project complete, the Company:
- Is entitled to contractual minimum payments for all 600 Class III slot machines with the Tonkawa Tribe of Indians of Oklahoma, starting October 1, 2015 and as additional machines are deployed;
- Has 514 revenue generating machines placed across the Tonkawa West Casino and Native Lights Casino;
- Is on target to deploy an additional 19 machines by the end of the month, with the remaining 67 machines in the Company's possession and scheduled for deployment in the next 60 days;
- Is on target for pro-forma contractually guaranteed annual minimum lease payments of approximately US$5.1 million based on 514 revenue generating machines currently deployed under the contract; and
- Is on target for pro-forma contractually guaranteed annual minimum lease payments of approximately US$6.0 million, and expects a pro-forma adjusted annual EBITDA of over US$5.0 million, based on deployment of all 600 machines under the terms of the contract.
"I am pleased to acknowledge this important milestone in our long term relationship with the Tonkawa Tribe of Indians of Oklahoma, and look forward to a mutually beneficial arrangement going forward," said Peter Macy, CEO of Poydras. "Our valued partnership with the Tonkawa was the result of our acquisition of the Integrity Companies earlier this year, and illustrates the type of potential additional large opportunities that may arise from the strength of the combined companies."
About Poydras Gaming Finance Corp.:
Poydras Gaming is focused on leasing and financing gaming machines (such as slot machines) and related capital expenditures for existing casinos, new casino developments and gaming machine suppliers in the United States. It owns and finances slot machines including short- and long-term lease contracts across 24 casinos in Oklahoma and Texas and a financing agreement with a gaming machine supplier based out of California. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forwardlooking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forwardlooking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARDLOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
SOURCE Poydras Gaming Finance Corp.
For further information: Keith Richards, Investor Relations | NATIONAL Equicom, T: 416.848.1599, E: [email protected]; Peter Macy, CEO, Poydras Gaming Finance Corp., T: (604) 683-8393, E: [email protected]