BG Media to acquire gaming publications

Las Vegas-based Casino Journal organizes gaming conferences and publishes Casino Player, a consumer magazine with a circulation of 400,000 a month, and several other gaming publications including Strictly Slots, Casino Journal, Nevada Hospitality and the Gaming Industry Daily Report.

It announced today that BG signed a letter of intent to acquire 51 percent of the company in a stock and cash deal worth $9.8 million.

Alan Woinski, president and chief financial officer of Casino Journal Publishing Group, said the company hired investment bankers in December and determined the BG proposal was the best available.

"This is the best way for us to achieve our business plan, our business model," Woinski said today.

He said the company plans to intensify its acquisition strategy and eventually expand outside the gaming publication industry. The gaming publications, he said, would remain the core of the publications group, which will expand into the broader leisure market.

BG's letter of intent says that upon approval by Casino Journal's board of directors and the signing of a definitive agreement, it would make a tender offer to the public shareholders of the company. Woinski said he hopes the definitive agreement would be signed by June.

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