CANTON, OH--(Marketwired - May 22, 2017) - Concrete Leveling Systems, Inc. (
Corporate Mission Statement:
Jericho Associates, Inc ("Jericho") is a Nevada corporation formed as a special purpose company. On March 24, 2017, Jericho completed an Equity Purchase transaction whereby it sold all of its outstanding shares for a controlling interest of publicly traded Concrete Leveling Systems, Inc. (
CLEV's founding and current management are excited to bring Jericho into what we believe will make CLEV a successful company in the casino gaming, hospitality and leisure industries. Management is also excited to have Jericho on board to allow for the missing financial support to fund and grow our concrete leveling division. With our Jericho partnership, Ed Barth will remain an employee of the Company and will be in charge of operations to manufacture and sell the Company's stainless steel Concrete Leveling Service Unit Equipment Packages. Due to the acquisition of Jericho, we will be able to begin direct mailing and National Account Advertising that has been a missing part of our concrete leveling business in getting our products to the market and allowing our concrete leveling division to generate significant revenue and profits. The Company is currently reviewing trade shows and equipment expos to take our product to the U.S. and Canadian market place in 2017-2018. CLEV's continued operations in the business of manufacturing and sales of our concrete leveling equipment as a division of the Company as a whole is an opportunity to grow sales and revenues that we believe will allow our concrete leveling division to become a profitable operation.
In addition to our concrete leveling division, the Company plans to access opportunities within the casino gaming, hospitality, entertainment, and leisure time industries. We plan to do this using relationships that we have developed with commercial gaming companies, Native American tribes, financial institutions, attorneys, developers, senior business executives, and a general market awareness of activity within these chosen industries.
To accomplish this mission, the company has retained the services of Mr. Ronald J Tassinari to act as company CEO. Mr. Tassinari had been the CEO of a publicly traded company in the casino gaming and entertainment industry for over 30 years. That company developed, and for over a decade operated one of California's largest and most successful tribal casinos. It also provided casino consulting services to many of the other tribal California Casinos. Prior to that, Mr. Tassinari was with the Wall Street firm of Merrill Lynch, Pierce, Fenner & Smith for 10+ years.
Mr. Tassinari's initial responsibility was to assemble a team of experienced and skilled gaming, hospitality, and entertainment professionals to assist him in the pursuit of opportunities, to analyze those opportunities, and to operate acquired assets in a manner to maximize profitability and enhance enterprise value.
Mr. Tassinari has retained the business development and consulting services of Mr. Robert F. Gross and Mr. Rudy Prieto.
Robert F. Gross has over 40 years experience in all phases of the commercial and tribal gaming & hospitality industry. He is an effective "turnaround" specialist with a broad working knowledge of every aspect of casino operations. He has held President, CEO, and senior level positions with Sahara Gaming, Caesars World, Bally's, and The Dunes Hotel & Casino. He has also provided extensive consulting, and executive advisory development, management, and operational services to several large U.S. tribal gaming properties: Nez Perce, Santa Ana Star, and Table Mountain Casino.
Rudy Prieto brings over 37 years of corporate and tribal gaming experience to the team. He manages with a balanced focus on gaming operations, marketing, player retention, guest service, and employee relations. He focuses on strategic planning, transparent communications, customer service, right product mix, strong branding, and overall quality of amenities and entertainment. He has served as the President of Trump Taj Mahal, Senior Vic President of Boyd Gaming, CEO of The Las Vegas Hilton, and General Manager of Pechanga Resort & Casino. In 2015, Pechanga was named "Best U.S. Casino" by U.S.A. Today.
The three member Jericho team has a combined 100+ years of experience in the commercial and tribal gaming industry as well as the related, hospitality, entertainment, and leisure time complementary activities.
The U. S. Casino Gaming Industry: (data as of 2016)
The United States gaming industry is comprised of approximately 1600 casinos, 116.9 billion U.S. customers, generating over $71 BIL in revenues and 95% of the industry comes from two major segments:
- Tribal Gaming ($30.4 BIL revenue = 42.8% of the industry), 240 Tribes in 28 states operate 459 casinos in the United States. This segment has had a compounded annual growth rate of 1.8% since 2007.
- Commercial Gaming ($40.6 BIL revenue = 57.2% of the industry), traditional brick and mortar casinos, racings, riverboat, dockside, and slot parlors regulated by state gaming boards or state gaming authorities. Revenues include amounts generated from gaming machines, table games, poker, and sport book.
Jericho intends to pursue opportunities in the tribal gaming segment, specifically in the California market which generated approximately 25% of the $30.4 BIL gaming revenue. These opportunities create cash flow by providing services to tribes. Those services could include: providing or arranging financing, development of hotel, casino, or other related assets, and other complementary services such as casino management or vendor related services. Because there can be no private ownership of tribal assets, fees can be earned by providing needed services such as development, management, consulting, or vendor related services.
Commercial Gaming is another area of pursuit by Jericho -- specifically the Nevada market. In 2016 Nevada gaming revenue generated $11.3 BIL (28%) of the $40.6 BIL commercial gaming revenue. In 2016 Las Vegas established a new visitation record of 42.9 million visitors and Las Vegas strip hotels had occupancy rates of 90.5%.
Las Vegas is poised for continued organic growth as well as from other factors. One such factor is the expansion of its convention center which includes 600,000 sq ft of exhibit space and 150,000 sq ft of meeting rooms. The $1.4 BIL project is expected to bring an annual 610,000 incremental visitors, and add $810 MIL to the Las Vegas economy -- while creating 22,000 temporary and permanent jobs.
Another factor is the Resorts World $4 BIL hotel, casino project. Currently in early development stage, it is expected to add 3000 rooms, including 175,000 sq ft casino, and full amenities including: retail, dining, convention facilities, aquarium, movie theater(s), bowling, indoor water park, and ice skating rink.
Other Las Vegas news to benefit future growth includes the new NHL ice hockey team, The Las Vegas Golden Knights, that begin play in the MGM T Mobile Arena for the 2017-2118 ice hockey season. Lastly, 2016 welcomed the announcement that the NFL Oakland Raiders will be relocating to Las Vegas into a new, to be constructed, $1.9 BIL 65,000 seat domed stadium that is expected to host 40 + "off football season" events that could add an additional 450,000 incremental annual visitors to Las Vegas.
A final area of interest is in new types of casino gaming and gaming technology. Jericho is seeking opportunities to partner, joint venture, or acquire companies developing games that combine the money making potential of traditional casino games, the challenge of video games, and the playability of social games; games that pit the player's skill against the other player(s) skill as opposed to against "a machine" or the house. These areas include but are not limited to: fantasy sports, social casino gaming, Esports, and skill based gaming. The next generation of gamers, millennials and beyond, will be a large component of the future of casino gaming.
In conclusion, the Jericho's leadership team's experience and expertise is in both the Commercial and Tribal segments of the U.S. Casino Gaming industry. Note that these two segments, "Nevada" Commercial gaming and Tribal gaming account for 48% of all U.S. Commercial Gaming revenue. Based on the steady growth of the Tribal Gaming segment and the outlook for the Las Vegas, Nevada market, Jericho believes that it has set its sights in the right direction.
Notes: UNLV Center for Gaming Research (2017)
Data is from the 2016 edition of Rubin Brown's Gaming Statistics.
Rubin Brown Certified Public Accountants & Business Consultants Denver, Kansas City, Nashville, and St. Louis.
Safe Harbor Statement
Forward Looking Statements of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Concrete Leveling Systems, Inc. ("CLEV" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although the Company's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause the Company's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, which are available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, the Company specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.
Contact Information:
Edward Barth
330-966-8120