Canadian pharmaceutical company Easton Pharmaceuticals Inc. announced on Wednesday that it has entered into a Letter of Intent to participate into a project for the development of hotel and casino resort in Europe.
The location of the future property and other details about it have remained undisclosed and more information is expected to be released in the coming weeks, once the ongoing negotiations are closed. The company is set to partner with the American gaming arm of a Canadian holding and investment company that is spearheading the project.
Easton said in a press release from Wednesday that the planned integrated resort will feature a casino with 1,000 slot machines and 50 gaming tables, a hotel with 538 rooms and VIP suites, retail space, a showroom, a spa and wellness center, different food and beverage options, a convention facility, and a 504-space parking garage. The property will be a high-end one in “an idyllic river” area. It is projected to generate annual revenues of more than €77 million.
Easton Pharmaceuticals CEO Evan Karras said in the Wednesday press release that they anticipate the property to be among the most prominent of this kind when it becomes operational. The executive further noted that his company’s participation in the project is part of its strategy to expand its presence in the global gambling industry. The deal is expected to create “value and growth” for Easton Pharmaceuticals, Mr. Karras added.
Second Casino Project in Europe
This is the second European casino project Easton has announced interest in participating in over the past several weeks. Earlier this month, the company confirmed that it has begun discussions with involved parties over the acquisition of an interest or participation in the acquisition of an already operational hotel and casino resort in Greece.
According to a company press release from last week, the property in question features a casino with 1,000 slot machines, 87 gaming tables and a VIP area, 255 hotel rooms and 20 suites, a private beach, eight restaurants, a spa and wellness center, and convention facilities. The property is one of Greece’s nine operational casinos.
Mr. Karras participated in the privatization of the South European country’s gambling sector back in the 1990s and, as stated in a press release from last week, has established strong relationships with representatives of that industry. In addition, the businessman has been familiar with the operation the property his company has expressed interest in.
Easton has not revealed further details about the property it is planning to get involved in the operation of due to the confidential nature of the ongoing negotiations. The company is expected to release additional statements once in the coming weeks after the expected completion of the ongoing discussions.
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