Search
 

$5 Million Bingo: Littlefield Hall Operator Spots Acquisitions

AUSTIN-An Austin-based bingo operator has signed a letter of intent to buy two halls in undisclosed markets. One purchase plan involves a new market while the other is in a state where the corporation has a facility.

By Connie Gore | Updated on September 05, 2000

Austin-based Littlefield Corp., which bills itself as the largest US operator of charitable bingo halls, has entered into a letter of intent to acquire two bingo halls, the company told GlobeSt.com.

In addition, Littlefield said, it plans to renovate its Austin bingo hall at 1919 E. Riverside Drive later this year and is developing two additional bingo halls in Alabama. Littlefield Amusements also is in the process of deploying 1,000 amusement machines to Alabama while Littlefield Real Estate will undertake a shopping center renovation West Columbia, SC. The corporation operates 19 bingo halls in AL, SC and TX.

Littlefield president Jeffrey L. Minch has declined to provide specific details of the transactions, simply saying one acquisition is located in a new market and the other is situated in a state where Littlefield already has a bingo hall. “The transaction is therefore both strategic and expansionary,” says company officials. “Initial indications are that the transaction conforms to the company’s internal financial return thresholds. The value of the transaction is approximately $5 million.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.