SOURCE: Beneficial Holdings, Inc. by Beneficial worldwide casino affiliate network

October 05, 2010 00:52 ET

Beneficial Property Holding Corp. Forms Partnership to Develop Resort Near Montelimar, Nicaragua

MANAGUA, NICARAGUA--(Marketwire - October 5, 2010) - Beneficial Holdings, Inc. (PINKSHEETS: BFHJ) announced today that its wholly owned subsidiary, Beneficial Property Holding Corp., formed a partnership with a development group and the owners of approximately 34 acres of property near Montelimar, Nicaragua. 

Beneficial Property Holdings Corp. will own approximately 55% of the partnership and will license its Hotel Beneficial name to the project.

The Company is also in negotiations and conducting due diligence for additional adjoining parcels for the resort whether through a purchase or participating in the partnership.

The resort will be situated on a large lake and be approximately one kilometer from the beach. The resort plan includes a casino, water park, hotel rooms, hiking trails, horseback, three restaurants, boating, fishing, and other amenities. The lake has two waterfalls.

The Montelimar area is a highly attractive tourist destination in Nicaragua with its beaches, rain forests, ranches, and plantations. It is about 40 miles from the Company's flagship hotel, Hotel Beneficial Las Palmas. 


Beneficial Holdings, Inc. is an international casino investment and ownership-management holding company, specializing in acquiring undervalued gaming assets. The Company owns a hotel in Managua, a fully operational restaurant, bar, and casino also in Managua, and a slot parlor in Masaya, Nicaragua. The Company has agreements in place to build another hotel in El Crucero, Nicaragua, and is negotiating several Central American gaming projects.

This release does not constitute an offer of securities for sale. It contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause results to differ. Statements are based on information available as of today and the company undertakes no obligation to update statements to reflect future occurrences.

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