Morelli’s II Plans to Buy Indian Casinos
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IRVINE — In a deal valued at $3 million, Nona Morelli’s II Inc. said it has signed a letter of intent to buy and develop three Indian reservation casinos in a joint venture with Ambra Royalty Inc.
The Irvine pasta company, which had announced plans to diversify into the gaming industry, said the properties are in Montana and the Southwest, each with an existing building that could be operating as a casino by early 1994.
Nona intends to finance the transaction with working capital and long-term loans. It would receive 95% of casino revenues until its initial investment is repaid, and 30% of profits after that.
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