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
Date of Report (Date of earliest event reported): March 3, 1997
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PLAYERS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Nevada 0-14897 95-41745832
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
1300 Atlantic Avenue, Suite 800
Atlantic City, New Jersey 08402
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 449-7777
(Not applicable)
(Former name or former address, if changed since last report)
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Item 5. Other Events
On March 3, 1997, the Registrant announced, via press release, that it
entered into a definitive agreement for the sale of its Mesquite, Nevada casino
resort. The full text of this press release is attached hereto as Exhibit 99.1,
which is incorporated herein by reference.
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Item 7. Financial Statements and Exhibits
EXHIBITS
Exhibit No. Exhibit Description
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99.1 Press Release dated March 3, 1997.
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SIGNATURE
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 - Finance
Dated: March 6, 1997
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Exhibit 99.1
PLAYERS INTERNATIONAL ANNOUNCES DEFINITIVE AGREEMENT TO SELL
MESQUITE, NEVADA PROPERTY FOR $30.5 MILLION
Atlantic City, New Jersey, March 3, 1997 -- Players International, Inc.
(Nasdaq:PLAY) today announces that it has signed a definitive agreement to sell
its Players Island Resort Casino & Spa located in Mesquite, Nevada to RGB, LLC,
a company owned by Robert Black, Sr.
The $30.5 million purchase price will consist of $29 million in cash and a
$1.5 million promissory note. Players expects to record a one time after-tax
loss of approximately $35 million in fiscal 1997, and to obtain a tax refund of
approximately $18 million as a result of the sale. The transaction is subject to
regulatory approvals and the receipt of certain third-party consents.
Information contained in this press release with respect to the proposed
sale of the Mesquite property and the impact of such sale is forward-looking and
is subject to risks and uncertainties, including regulatory approvals and
third-party consents, that could impact closing and the financial consequences
of such sale. For further explanation of these risks and uncertainties, please
refer to the "Forward-Looking Information" in the Company's quarterly report on
Form 10-Q for the period ending December 31, 1996.
Players International, Inc. is a multi-jurisdictional casino and
entertainment gaming company. The Company owns and operates riverboat casino
facilities on the Ohio River in Metropolis, Illinois and in Lake Charles,
Louisiana. A joint development with Harrah's for a casino entertainment complex
in Maryland Heights, Missouri is scheduled to open in March 1997.
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