Company Press Release: NevStar Gaming & Entertainment Corporation
December 6, 1999
LAS VEGAS, NV -- NevStar Gaming & Entertainment Corporation (Nasdaq: NVSTE; or the ``Company'') has announced
that it has filed for restructuring under Chapter 11 of the U.S. Bankruptcy Code. The Company's casino operations
at the Mesquite Star Hotel Casino in Mesquite, Nevada will continue as usual, with no effect on employees and customers.
``Casino operations at the Mesquite Star will continue as usual,'' said Michael J. Signorelli, the Company's Chairman,
President & CEO. ``The filing was necessary to restructure the large debt load which was burdening the Corporation.
Even though the Company's operational cash flow has increased by approximately 20% over its 1998 numbers, the Company
needs time to reorganize in order to preserve future shareholder value.'' Signorelli added, ``The Company is committed
to focusing on new operational and marketing plans which will be implemented at the Mesquite Star, as well as,
focusing on new financing to build an additional 200 rooms.''
NevStar Gaming & Entertainment Corporation is a company formed for the purpose of acquiring, developing, constructing,
owning and managing hotel/casino projects. Its initial hotel/casino, the Mesquite Star in Mesquite, Nevada, has
been operating since July 1, 1998.
Certain statements contained in this release are forward looking. Although NevStar Gaming & Entertainment Corporation
believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business
and operations, there can be no assurance that actual results will not differ materially from expectations.
SOURCE: NevStar Gaming & Entertainment Corporation
--------------------------------------------------------------------------------