Commission File Number 33-69716
PRESS RELEASE
October 20, 2000. The Sands Hotel & Casino announced today that GB Holdings,
Inc. (the "Company") the parent company of the Sands Hotel & Casino, intends to
file a plan of reorganization and related disclosure statement in the bankruptcy
cases involving the Claridge Hotel and Casino located in Atlantic City, New
Jersey. Alfred J. Luciani, the President and CEO of the Sands said, "We intend
to propose a transaction that will be beneficial to the Sands stockholders and
the Claridge and would permit the combined companies to go forward as strong
competitors. The precise terms of our plan are currently under consideration,
but we are committed to making a proposal before the November 13 deadline
established by the bankruptcy court."
Luciani stated that he anticipated that the regulatory approvals necessary for
the acquisition could be obtained expeditiously. "GB Holdings, which is
currently licensed to own the Sands Hotel & Casino, would not face the type of
opposition based on economic concentration, as would be inherent in an
application by a large, multiple-licensed casino operator in Atlantic City."
Certain information included in this press release contains statements that are
forward-looking, such as statements relating to future performance and business
development activities and competition. Such forward-looking information
involves important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results may differ from
those expressed in any forward-looking statements made by or on behalf of the
Company. These risks and uncertainties include, but are not limited to, those
relating to development and construction activities, dependence on existing
management, leverage and debt service (including sensitivity to fluctuations in
the interest rates), domestic or global economic conditions, activities of
competitors and the presence of new or additional competition, fluctuations and
changes in customer preferences and attitudes, changes in federal or state tax
laws of the administration of such laws and changes in gaming laws or
regulations (including the legalization of gaming in certain jurisdictions). For
more information regarding the Company and risks applicable to its business,
please review the filings of the Company and its affiliates, GB Property Funding
Corp. and Greate Bay Hotel and Casino, Inc. with the Securities and Exchange
Commission (the "Commission"), including the Company's reports on Forms 10-K and
10-Q.
IMPORTANT: INVESTORS ARE URGED TO READ RELEVANT DOCUMENTS THAT MAY HEREAFTER BE
FILED WITH THE COMMISSION REGARDING THIS TRANSACTION BECAUSE THEY MAY CONTAIN
IMPORTANT INFORMATION. NO SUCH DOCUMENTS REGARDING THIS TRANSACTION HAVE YET
BEEN FILED. SUCH DOCUMENTS, IF FILED, WILL BE AVAILABLE WITHOUT CHARGE FROM THE
COMMISSION'S WEBSITE (HTTP://WWW.SEC.GOV).
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