Press Release
January 3, 2001
LAS VEGAS, NV -- Officials of All-American SportPark Inc. (Nasdaq:AASP) and Sports Entertainment Enterprises Inc.
(Bulletin Board:SPEN) announced the closing of the All-American SportPark (``SportPark'') to the general public
effective immediately and until April 2001.
The SportPark is a family entertainment, diverse live-action sports entertainment complex located at the south
end of the Las Vegas ``strip'' at Sunset Road. The SportPark will remain open for special events and reserved group
parties. AASP's other operating entity, the adjacent Callaway Golf Center, is a profitable ongoing operation and
will remain open.
Despite the popularity of the SportPark among users of all ages who are primarily residents throughout Clark County,
and Las Vegas tourists and conventioneers, the company has been unable to cause profitable operations on a consistent
basis since its October 1998 opening. AASP management is in active discussions with four different companies to
sell the SportPark. Management of AASP anticipates that closing the sale of the SportPark within the next 90 days
would enable the new owner to reopen the SportPark by April 2001. Total investment in the SportPark is in excess
of $22 million and current first lien debt is approximately $15 million.
The other principal asset of AASP is the Callaway Golf Center, situated on some 42 acres at the southeast corner
of Las Vegas Boulevard and Sunset Road, which opened in October 1997 and represents an original investment in excess
of $10 million. The business has minimal debt and has been consistently profitable since company management acquired
full control in December 1998. Management plans to expand the business, which is now more feasible absent the drain
on management and cash resources employed to support losses at the SportPark which is now closed.
Sports Entertainment Enterprises Inc. owns 63.5% of the outstanding common stock and one third of the outstanding
convertible preferred stock of AASP. SPEN also owns a golf retail store located at Rainbow Boulevard and Sahara
Avenue in Las Vegas.
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Contact:
All-American SportPark Inc./
Sports Entertainment Enterprises Inc., Las Vegas
Kirk Hartle, 702/798-7777
702/739-9509 (fax)