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Gambling News by Gambling Headquarters

Monday, August 21, 2006

Littlefield Plans New Texas Bingo Hall

 

Littlefield Corporation announces that it will open a new bingo hall in San Angelo, Texas. The Company currently owns a bingo hall in San Angelo (Strike It Rich Bingo) which it purchased in 2005. That bingo hall has been performing at an increasingly high level. The new bingo hall (Let It Ride Bingo) is adjacent to the existing bingo hall and will offer complementary bingo sessions which will not conflict with the existing bingo hall offerings. Initially it will offer daytime bingo sessions and will ultimately be a daytime and late night bingo hall. The Company has been working on this development for some time and has accomplished the following key milestones: 1. The Company, acting through the appropriate corporate subsidiary, controls the adjoining real estate through a favorable lease arrangement with its existing bingo hall landlord. 2. The Company, acting through the appropriate corporate subsidiary, has applied for and received a zoning change necessary to operate a bingo hall on the adjoining premises. The Company has some minor physical plant improvements to be made to the site as part of the zoning change.

3. The Company will renovate the interior of the adjacent property for operation as a bingo hall.

4. The Company has several commercial lessor licenses on administrative hold and will activate one of these licenses for the new bingo hall.

5. The Company will form the appropriate corporate subsidiaries to hold its commercial lessor license and to enter into leases with charities to conduct bingo on the premises. Several charities are either already licensed or in the licensing process.

All of the above will be completed in sufficient time for the new bingo hall to begin operations in Q4-2006. Initially, the new bingo hall will offer Friday, Saturday and Sunday daytime sessions. Additional sessions will be added as these new offerings become accepted by the marketplace. It is expected that it will take approximately three full quarters for this new bingo hall to become fully acclimated and accepted by the marketplace.

Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:

"This is an opportunity we envisioned when we made the purchase of the San Angelo bingo hall in 2005.

"The existing bingo hall has improved its performance dramatically and is now performing very well. There is still some physical plant work to be done on that property and that work will be completed shortly.

"We have made good progress in laying the groundwork for the new bingo hall. The new daytime and late night bingo hall will be complementary with the existing nighttime bingo hall. They will both become stronger because of the customer recognition of this location as a full time bingo site.

"The success in turning around the existing bingo hall has inspired charities to express interest in conducting bingo at the new bingo hall.

"This opportunity has the potential to become a wonderful success and lots of hard work has gone into making this a reality. I appreciate the hard work that Richard Bunkley, GM of Texas Bingo Operations, has put into making this potential a reality. I am confident he will make the new bingo hall a great success."

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