LEONIDAS FILMS Inc. (OTC:LFMI)
Industry: Consumer Goods
Leonidas Films Inc., formerly NuOasis Resorts, Inc., was incorporated in Colorado in February 1989 and became publicly traded in 1990. In January 1998, the Company was re-incorporated in the state of Nevada. The Company's business interests are comprised of legalized casino gaming and hotel management, food manufacturing and distribution, and to a limited extent, real estate acquisition and development, which, as of the close of fiscal 1999, was still a development-stage activity. Gaming and Hotel Management The Company operates its facilities under two marketing themes, Cleopatra Palace and Oasis Resorts. The Company's Cleopatra-themed facilities are owned and operated by Cleopatra Palace Resorts and Casinos Limited, a British corporation (CPRC), a 75% owned subsidiary of Oasis. CPRC conducts its operations through Cleopatra Cap Gammarth Casino Limited, a Tunisian corporation in organization (CCGL) and Cleopatra's World Inc., a British Virgin Island corporation (CWI), entities which, at June 30, 1999 were 90% and 80% owned by CPRC, respectively. The Company's Oasis Resorts-themed facility is under development by Oasis Hotel, Resort & Casino III, Inc. (Oasis-III) a wholly owned subsidiary of Oasis. As a result of the merger in May 1998 of Flex Holdings Inc. (Flex), a wholly-owned subsidiary of Oasis, into Oasis-III, Oasis acquired the Oasis-III property, a 20-acre interest in partially-developed land located in Oasis, Nevada together with an option to acquire an additional 30 acres adjacent to the 20-acre parcel. The Oasis-III property presently contains a 6-unit motel, an eight-pump truck stop, a cafe and mini-market store and was subdivided from an 1100-acre parcel originally purchased in December 1995 by Oasis-III from Oasis International Hotel and Casino, Inc. (OIHC), which was at the time of the transaction, and continues to be, a shareholder of Oasis. The Company intends to develop the Oasis-III property as a 500-room resort hotel with a 30, 000 square-foot Las Vegas style gaming casino with 38 gaming tables, Keno, Sportsbook, and 1,000 slot machines, together with an entertainment complex with movie theaters, outdoor rodeo facilities, and bowling alley. In September 1993, the Company formed NuOI, through which it currently develops its international gaming and hotel management operations. In October 1993, the Company acquired a 70% equity interest in CPL, which developed the resort hotel and casino gaming theme Cleopatra Palace. CPL became the lessee of a 200,000 square foot casino and Las Vegas-style showroom in the Cap Gammarth area, Tunisia, North Africa (the Cap Gammarth Casino) pursuant to a Casino Lease Agreement and Operating Management Contract (the Gammarth Lease). The Cap Gammarth Casino is part of a large resort development located in Tunisia, approximately 6 miles north of the city of Tunis, the country's capital. In conjunction with such casino, the developer of the resort planned to build a five-star hotel (the Le Palace Hotel), a health and sports center, a beach club, a 20-unit shopping mall, fine restaurants, and 250 apartments (the Gammarth Resort), all located within walking distance to the Cap Gammarth Casino. At the present time, the Gammarth Resort is approximately 95% complete. The Cap Gammarth Casino is expected to be completed and ready for occupancy in fiscal 2001. In October 1994, in a separate transaction, CPL entered into an agreement to lease and operate a casino and French-style cabaret in Hammamet, Tunisia (the Hammamet Casino). The Hammamet Casino was completed in the first half of 1997 and opened December 1997. Adjoining the Hammamet Casino is a five-star hotel and villa resort which is operated by the Occidental Hotel Group (the Hammamet Hotel) and was completed and opened in September 1996. The Hammamet Hotel is one of over 40 hotels planned or currently under construction in south Hammamet as part of a Tunisian government-sponsored expansion of the Hammamet resort area. If completed, these additional hotels in the area should provide up to 25,000 additional
As Of: 10/07 00:00 ET
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