On July 13th, 2008, Clairvest Group Incorporated commented that their group and an investment fund operated by them will provide $33 million of equity for the construction of Casino New Brunswick, a new convention facility and hotel that will open on 2010 in Moncton, N.B. The project, which was publicly announced on May, is expected to cost around $90 million, with about $54 million to be financed by bank credit and the remainder by four equity groups including Clairvest, a merchant bank from Toronto.
As merchant bank, Clairvest gives expertise and invest its own money and funds operated by it into businesses that have good potential to produce good profit. The other partners in Sonco Gaming New Brunswick LP, which is constructing the casino, are Sonco Gaming Incorporated, Navegante Group Incorporated and Riseley Gaming Incorporated. Clairvest and Clairvest Equity Partners III Limited Partnership will own ninety percent of the equity in the casino project.
New Brunswick's first casino facility will offer six hundred slot machines, twenty casino table games, eight poker tables and enough area for three hundred fifty guests to eat and drink. Separate establishments will feature the hotel, casino and convention facility, but all will be connected by an enclosed walkway that will feature pictures of the sixty-nine lighthouses of the province. The facility will be constructed near the Magnetic Hill tourist site, which already features a water park, zoo and a campground.
08/03/2008 04:32 PM