Cannery Casino Resorts, LLC Positioned for Future Growth, Partners With Oaktree Capital Management,
LAS VEGAS, August 2, 2005. Cannery Casino Resorts, LLC announces today plans for Oaktree Capital Management, LLC (Oaktree), a Los Angeles-based private investment firm that manages in excess of $28 billion in select niche investment markets, to acquire an ownership interest in Cannery Casino Resorts. Upon completion of the transaction (which is subject to regulatory approval by the Nevada Gaming Authorities), Millennium Gaming, Inc., a corporation equally owned by William J. Paulos and William C. Wortman, will own 67% of the Cannery Casino Resorts, LLC while Oaktree will own 33%.
Cannery Casino Resorts, LLC owns and operates the Cannery Casino & Hotel and the Rampart Casino at the Resort at Summerlin. Both properties are local Las Vegas casinos. Cannery Casino Resorts, LLC has also engaged Banc of America Securities, LLC to raise up to $300 million in a new senior secured credit facility. The proceeds will be used to refinance existing debt and to pursue the Company's future growth initiatives.
"The combination of Oaktree's equity sponsorship as well as our enhanced capital structure will allow us to pursue an aggressive growth strategy," said Bill Wortman, Cannery Casino Resort, LLC Managing Director. "We are on course with the ongoing enhancements at each of our existing properties while developing new projects and aggressively considering opportunities for the future."
The Principal Opportunities Group of Oaktree manages in excess of $4 billion in committed capital and sponsors management buyouts and other private equity investments. The Principal Opportunities Group has a history of investing in attractive companies in partnership with management, providing the resources necessary to develop the business and create long-term value.
"We are happy to be partnering with two seasoned industry professionals to capitalize on the exciting potential of the Las Vegas locals market as well as gaming in other jurisdictions," said Chris Brothers, Oaktree Managing Director. "Based on the Company's management and strong operating history, we believe this investment is well placed to achieve long-term growth."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
