UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
September 22, 1995
Date of Report
(Date of earliest event reported)
Players International, Inc.
(Exact name of registrant as specified in its charter)
Nevada 0-14897 4175832
(State or other jurisdiction (Commission File (IRS Employee
of incorporation) Number) ID Number)
3900 Paradise Road
Suite 135
Las Vegas, NV 89109
(Address of principal executive offices) (Zip Code)
(702) 792-9998
(Registrant's telephone number, including area code)
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Item 5. Other Events
Set forth below are certain recent developments concerning Players
International, Inc. ("Players" or the "Company"), including developments that
have been announced by press release as of the dates noted below.
Recent Operating Results. The Company announced on September 22, 1995
that it expects earnings after taxes and before pre-opening costs for the second
quarter ending September 30, 1995, to be below comparable results of $.34 per
share for the first quarter ended June 30, 1995. The Company stated that the
results are primarily attributable to the impact of two competitive openings at
its Lake Charles, Louisiana market. Results were also affected by disruptions
caused by the ongoing construction to upgrade and expand the Players' Lake
Charles facility.
Proposed Indiana Gaming Project. On September 27, 1995, the Company
announced the signing of an agreement to acquire, subject to certain conditions,
New Albany Landing Co., LLC, an Indiana limited liability company ("New Albany")
that has filed an application with the Indiana Riverboat Gaming Commission for a
license to operate a riverboat casino in Harrison County, Indiana. The Company
has filed an application with the Indiana Riverboat Gaming Commission for
permission to modify the existing New Albany application to reflect Players'
ownership and plans to file an application with the Indiana Riverboat Gaming
Commission for its future plans for the project.
Plans for the project, to be located on 67 acres on the Ohio River,
include a riverboat and dockside facility with entertainment, restaurants and
other amenities.
Harrison County is located 30 minutes from Louisville, Kentucky, which
has approximately 1 million adults within a 50 mile radius and 3.3 million
adults within 100 miles.
Completion of the project is subject to, among other things, a final
agreement to acquire the land, as well as receipt of all necessary regulatory
approvals. The Indiana Riverboat Gaming Commission is expected to hold
regulatory hearings in early 1996.
Termination of Arrangements to Acquire Certain Riverboat
Assets. On October 5, 1995, Players and H Group Holding, Inc.
("H Group Holding"), the parent company of the Hyatt Group of
companies, announced that their joint venture has terminated its
previously announced agreement to acquire the outstanding capital
stock of Grand Palais Riverboat, Inc. ("Grand Palais"). Grand
Palais previously conducted riverboat gaming operations in New
Orleans, Louisiana but is currently involved in bankruptcy
proceedings. Players and H Group Holding stated that the
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agreement was terminated due to various breaches on the part of Grand Palais,
including Grand Palais' obligation to obtain an order of the bankruptcy court
that would reimburse the H Group Holding-Players joint venture for certain
out-of-pocket expenses if the transaction failed to close and that would
establish certain bidding procedures for completion of the sale of the riverboat
in accordance with applicable bankruptcy rules.
Players' letter of intent to acquire certain assets, including the
capital stock of the entity which owns the Crescent City Queen Riverboat, of
Capital Gaming International, Inc. ("Capital Gaming") previously terminated when
Capital Gaming entered into a letter of intent with a third party concerning the
acquisition of such assets.
The H Group Holding-Players joint venture remains interested in
acquiring a riverboat and obtaining licensure for the relocation of such
riverboat to Shreveport, Louisiana, and intends to pursue such an acquisition
within the context of the bankruptcy proceedings involving the Grand Palais and
Crescent City Queen riverboats.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Players International, Inc.
(Registrant)
By: /s/ Peter J. Aranow
-----------------------
Peter J. Aranow
Executive Vice President
Chief Financial Officer
By: /s/ Stephen K. Radusch
------------------------
Stephen K. Radusch
Controller (Principal
Accounting Officer)
Date: October 16, 1995
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