Foundation Gaming Group receives Mississippi Gaming Commission approval to operate two Tunica casinos

GULFPORT, Miss.--(BUSINESS WIRE)--Foundation Gaming Group, LLC announced today that the Mississippi Gaming Commission has approved a structure to allow the seamless transition and uninterrupted operations of the Resorts and Bally's Casinos in Tunica, MS.

“The operations of the properties will not be impacted by this transaction and it will give the properties a fresh start heading into the new year.”

The transaction is subject to completion of the foreclosure process by a lender to the current owner of the casinos, which is contemplated under a settlement agreement finalized earlier this month. Once the foreclosure process is completed, and assuming the lender is the successful bidder, Foundation Gaming Group will operate the two casino properties. The transaction is expected to close on or before November 30, 2011.

The Company also announced the addition of Allan Solomon as a Principal and Chairman of Foundation Gaming Group, LLC.

“I have worked with the members of Foundation Gaming for the past 15 years, so I know their capabilities, and I am excited about joining the group and lending my expertise to be part of this opportunity. Our team has tremendous chemistry with very complementary skill sets, which makes us ideal for this type of transaction,” stated Allan Solomon, Principal and Chairman of Foundation Gaming Group, LLC.

“We are very excited about the transaction and believe our team’s presence and experience in Mississippi, coupled with what will be a singular focus on these properties, will allow us to maximize the potential of these properties,” said Greg Guida, Principal and Chief Executive Officer of Foundation Gaming Group. “The operations of the properties will not be impacted by this transaction and it will give the properties a fresh start heading into the new year.”

Les McMackin, Chief Operations and Marketing Officer added, “Our immediate focus will be to keep the property operations as is, and once the transaction is complete, begin the process of compiling our operating plan for the coming year which will look to build on the core business that is in place and to develop the potential we see in these two properties.”

About Foundation Gaming Group

Foundation Gaming Group is a full-service gaming management, development and consulting company that services and supports developers, owners, and operators of gaming entertainment facilities in US and international markets. http://www.foundationgaminggroup.com