Easton Pharmaceuticals, Inc. (OTCMKTS:EAPH) has announced that they have been shortlisted to take part in the acquisition of the Hotel Resort and Casino Loutraki in Greece.
The resort has a private beach, 20 suites, and over 255 rooms, conference facility, wellness center, 8 restaurants as well as 1000 slot machines and 87 casino tables. It is located in Loutraki a town that is known for its therapeutic spas and natural springs.
Easton expanding their market segment
The acquisition is part of Easton Pharmaceuticals’ strategy to venture into lucrative market segments. The company has jointly been working with the consultancy firm and the bank charged with handling the sale of the hotel since last summer. The Loutraki Club Hotel Casino is among the 9 casinos that operate in Greece.
The opportunity to acquire the property culminates from the strong relationship between Easton’s CEO Mr. Evan Karras and some high ranking officials in the Greece government and influential business associates who are working to help bring the process closer for the consortium and Easton.
Mr. Karras is well known in Greece as he participated in the privatization of gaming in the country. He is conversant with the gaming industry in Greece as well as the property under consideration.
The acquisition of the hotels has been discounted significantly and thus the cost offers a sunstanci8al upside to the company in the hospitality and gaming industry. It is equally designed for potential redevelopment into luxury condo vacation units.
Speaking on being listed in the shortlist, the Easton CEO, Evan Karras, indicated that making it to the shortlist was a significant step for the company. The CEO has already initiated numerous hospitality and gaming initiatives for Easton Pharmaceuticals as the company looks to venture into different market segments to enhance its growth and success.
He added that they expected to be among the hopeful lot for the opportunity to acquire the property. The company expects to close on an agreement close at almost the same time as the close of their recently announced hotel development venture discussions that are on progress in Toronto Canada.