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ILX RESORTS AND MARK ADVENT TEAM UP IN LAS VEGAS
PHOENIX, ARIZONA - July 16, 2003 - ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the western United States, announced today that its subsidiary, VCA Nevada Incorporated, has reached a preliminary understanding in principle with Las Vegas based hotel, casino and entertainment developer Mark Advent and Phoenix business leaders Carol Colombo and Tony Bonacci, for the development of VCA`s Premiere Park property in Las Vegas, Nevada.
"We are excited about the development team that has been assembled to move forward," said Joe Martori, Chairman and CEO of ILX. "Mark is a visionary with a world-class track record in Las Vegas and elsewhere that speaks for itself. Similarly, Carol and Tony bring to the team significant experience in many complementary areas including successfully managing large-scale international projects. Carol and Tony have a reputation for superb execution skills and a commitment to excellence. This unique combination of talents will enable us to develop Premiere Park more expeditiously as a first-tier destination retail, office and entertainment venue with a unique `sense of place`. We would hope to have definitive agreements by the end of August," Martori stated.
Advent is the creator of the $500 million New York-New York Hotel & Casino, which is located on the Las Vegas Strip. As an entertainment, leisure and gaming industry pioneer, he earned an international reputation for vision and excellence as a design developer. New York-New York opened in 1997 and continues to be one of the highest returns on investment for any "Strip" hotel and casino property. The unique city design of New York-New York inspired billions of dollars in development along Las Vegas Boulevard with projects such as Paris, the Venetian, Bellagio, The Orleans and, potentially, the $900 million dollar City By The Bay, which is also an Advent creation. As founder and former chairman of Las Vegas based Advent Communications & Entertainment, Advent successfully negotiated and executed exclusive management, development and financing arrangements with Native American Indian Tribes with reservations in California, Illinois and Connecticut. Among his other casino and entertainment projects, Advent worked closely on the redevelopment of the property currently operating as Terrible`s Hotel & Casino, a 380- room property that has been voted the "friendliest casino in Las Vegas," and supervised the $200 million master planning, design and financing process for the Sonoma Falls Resort & Casino in Sonoma, California. He designed and is the senior partner of the high-energy Latin influenced "Noche", a four-story restaurant, lounge and entertainment venue in New York`s Times Square.
Colombo and Bonacci founded the law firm of Colombo & Bonacci in 1992, establishing one of Phoenix`s most respected domestic and international real estate and corporate practices, and in 2001 founded Axon Capital, a business advisory firm specializing in development and finance. Having successfully represented operating entities in the resort development, media and financial services industries, the duo has established an outstanding reputation in international business circles, negotiating transactions on behalf of domestic and foreign governments as well as publicly traded and privately held companies. They were instrumental in the development of the 5-star "Esperanza Auberge Resort" in Cabo San Lucas, Mexico and have led negotiations for various US private equity funds developing international real estate projects. They also served as general legal counsel to Next Generation Network, Inc., at the time one of the world`s largest digital media companies, and were instrumental in structuring the acquisition of the company`s rights to more than 7,000 locations in 25 major media markets. Colombo and Bonacci have been recognized for their expertise at managing development teams, financial sources and operating partners.
Premiere Park is a 44-acre parcel of real property located at the Northwest corner of Paradise Road and Tropicana Boulevard proximate to the Las Vegas Airport, University of Nevada-Las Vegas and the "Strip" in Las Vegas. The site is currently zoned and approved for mixed-use restaurant, retail and office development. "The location of the property is unprecedented - it has convenient access to the Las Vegas Strip and is the gateway to Las Vegas with its location at the entrance to one of America`s busiest airports," said Advent. "Currently we are reviewing our development options and assembling an all-star team of consultants to help execute our collective vision for this site; however be assured that this will be a place where locals as well as Las Vegas visitors will want to be," Advent continued.
ILX Resorts acquires, develops, and operates premier timeshare resorts primarily in the western United States that provide its owners with extraordinary vacation experiences. ILX´s portfolio of world-class properties includes eight resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico and land in Puerto Peñasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are in the early planning stages. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and in addition has acquired inventory at the Scottsdale Camelback Resort in Scottsdale, Arizona. For more information, visit: www.ilxresorts.com.
For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.
This news release may include "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company´s control. Actual results could differ materially from these forward-looking statements as a result of a number of factors, including but not limited to, economic conditions, the Company´s need for additional financing, intense competition in various aspects of its business, the risks of growth, its dependence on key personnel, and other risks detailed in ILX´s Securities and Exchange Commission reports. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein.
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