About ILX - News Releases
Mark Advent Group Sign Definitive Agreements for Development of Las Vegas Project
PHOENIX, ARIZONA - October 27, 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 executed operating agreements with Las Vegas based real estate, hotel, casino and entertainment developer Mark Advent`s ACV International, L.L.C. and Phoenix business leaders Carol Colombo and Tony Bonacci, for the development of VCA`s Premiere Park property in Las Vegas, Nevada.
"We are pleased to report the signing of agreements with the development team that has been assembled to move forward at Premiere Park in Las Vegas, as reported in our Press Release of July 16, 2003," said Joe Martori, Chairman and CEO of ILX.
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 Las Vegas "Strip". The site is currently zoned and approved for mixed-use restaurant, retail and office development. "Currently we are refining our development options and have assembled a world-class team of consultants to help execute our collective vision for this spectacular site," said Advent.
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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