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
March 31, 1995
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Date of Report
Players International, Inc.
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(Exact name of registrant as specified in its charter)
Nevada 0-14897 4175832
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(State or other jurisdiction (Commission File (IRS Employee
of incorporation) Number) ID Number)
3900 Paradise Road
Suite 135
Las Vegas, NV 89109
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(Address of principal executive offices) (Zip Code)
(702) 792-9998
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(Registrant's telephone number, including area code)
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Item 2. Acquisition or Disposition of Assets
As previously reported in the Form 10-Q of Players International, Inc.
("Players") for the period ended December 31, 1994, Players agreed, subject to
the receipt of regulatory approval, to acquire all partnership interests (the
"Interests") in Showboat Star Partnership (the "Partnership"), a Louisiana
general partnership that owns a fully equipped Las Vegas style riverboat casino
which had operated as the Showboat Star Casino for the past one and
one-half years on Lake Ponchartrain, Louisiana.
Players acquired the Interests from certain subsidiaries of Showboat,
Inc. for an aggregate purchase price of approximately $52 million, which was
paid on March 31, 1995 and April 7, 1995, following the satisfaction of certain
closing conditions. Following such acquisition, Players relocated the riverboat
owned by the Partnership to Lake Charles, Louisiana, where it will be operated
as Players' second riverboat casino in Lake Charles (the "Lake Charles Star
Riverboat"). The Lake Charles Star Riverboat, which is anticipated to open on
April 27, 1995, initially will operate with 21,730 square feet of gaming space
on three air-conditioned decks with 778 slot machines and 45 table games for
a total of 1,135 gaming positions.
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Item 5. Other Matters
On April 17, 1995, Players issued $150 million in 10-7/8% Senior Notes
due 2005 to qualified institutional buyers and institutional accredited
investors pursuant to exemptions from registration under the Securities Act of
1933, as amended. The net proceeds received from such offering and existing cash
balances will be used to finance the costs associated with the Lake Charles
complex expansion (including the purchase price for the Interests); the
completion of the Players Island Resort in Mesquite, Nevada; a joint venture
with The Promus Companies Incorporated in Maryland Heights, Missouri; and
additional amenities, attractions and riverfront parking at the Metropolis
complex. To the extent the foregoing uses of funds exceed the sources noted
above, Players intends to fund such requirements through cash flow from
operations and borrowings under a proposed $120 million secured bank facility,
for which Players and two commercial banks have executed a commitment letter and
are in the process of completing definitive documentation.
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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
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Peter J. Aranow
Executive Vice President
Chief Financial Officer
By: /s/ Stephen K. Radusch
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Stephen K. Radusch
Controller (Principal
Accounting Officer)
Date: April 26, 1995
