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Lauth Sells Stake in French Lick Resort Casino to Cook

Press Release,  Thursday, June 7, 2007 at 7:55:22 AM

Officials of Bloomington-based Orange County Holdings, LLC and Indianapolis-based Lauth Resorts & Casino, LLC announced today that Lauth has agreed to sell its 50 percent ownership of the French Lick Resort and Casino, including the French Lick Springs Hotel, the West Baden Springs Hotel, and the French Lick Springs Casino, to BSR OC Acquisitions LLC, an affiliate of Orange County Holdings, LLC. This agreement resolves all of the disputes among persons and entities affiliated with Orange County Holdings and Lauth Resorts & Casino.

The agreement, the details of which are confidential, has been submitted to the Indiana Gaming Commission (IGC) for its approval. The IGC is anticipated to take up the matter later this week. As a result of the agreement, all pending lawsuits and arbitration between Lauth Resorts & Casino, LLC and Orange County Holdings, LLC will be dismissed when the final settlement documents are signed later this month.

Orange County Holdings spokesman Steve Ferguson explained: “We’re happy to resolve this matter and have all our disputes behind us. We now can focus all of our attention on developing the French Lick Resorts and Casino into the Midwest’s premier resort destination.”

Bob Lauth, Chairman and CEO of Lauth Resorts & Casino, LLC, said, “The people at Lauth are proud of our work in developing and constructing this world-class resort and we are glad we were able to settle our differences. This was a difficult decision, but one which we believe is in the best interests of the project and the community. We wish Orange County Holdings all the best as they operate this magnificent resort for many years to come.” the source
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