Olympia Gaming Closes On Land for Master-Planned Casino-Resort-Spa in Sparks, NV

SPARKS, Nev., Aug. 23 /PRNewswire/ -- One of Northern Nevada's most highly anticipated resorts will begin construction early next year as executives from Olympia Gaming announced today that they've acquired approximately 14-acres from RED Development for their $800 million Legends Marina Casino-Resort-Spa project.

Having spent the past year designing the lake front site and meeting with community leaders and city officials, Olympia Gaming will begin building a project that will be an integral part of RED Development's 1.2 million square foot Legends at Sparks Marina destination retail, entertainment center. The casino-resort-spa is scheduled to break ground during the first quarter of 2008 and open in late 2009 or early 2010.

"This is a tremendous opportunity for the City of Sparks to hoist its flag as a true destination locale," said Garry Goett, Chairman and CEO of Olympia Gaming. "We've worked hand-in-hand with City Officials and RED Development to design a casino, resort, spa destination that raises the bar for tourism to this region. We are extremely excited to commence with this project."

"We will be constructing a spectacular project that local residents will be proud to call their own and will feel is an integral part of their community," said Goett. "From a business standpoint, we look at it as a tremendous opportunity to create new markets for the Reno/Sparks area by developing an unmatched destination resort with numerous attractions including a state-of-the-art casino, a world-class spa, expansive meeting and convention facilities, fine dining restaurants, luxurious rooms and suites, and a lakefront amphitheater," Goett added.

Developed as a part of the master-planned Legends at Sparks Marina outdoor shopping and entertainment destination development at the intersection of Interstate 80 and Sparks Boulevard, The Legends Marina Casino-Resort-Spa will include 1,000 upscale hotel rooms and suites, each featuring lake and mountain views, a spacious casino, a lakefront amphitheater, a private beach and Rendering of the $800 million dancing water fall show, several fine dining and casual restaurants, as well as a high-end spa, fitness center, and salon facility, and a large-scale convention and corporate meeting center.

The casino-resort-spa will be seamlessly integrated with the Legends at Sparks Marina thereby providing guests and visitors with an all encompassing experience as they travel to and from the adjacent retail and entertainment venues. The Legends at Sparks Marina, which broke ground in April 2007, will include more than 1.2 million square feet of retail, restaurants and entertainment offerings. Signature retail attractions and restaurants secured to date include Scheels, T-Rex: A Prehistoric Adventure, Saddle Ranch Chop House, Pin-Up Bowl, Off-Broadway Shoes, and Brooks Brothers.

GENERAL FACTS: -- Project Name: Legends Marina Casino-Resort-Spa -- Estimated cost: $800 million -- Size of development: Approximately 14-acres -- Location: The Legends at Sparks Marina, Sparks NV -- Ground breaking: Q1 2008 -- Completion date: Q4 2009 or Q1 2010 PHASE 1 PROPERTY FEATURES: -- 400-500 upscale hotel rooms and suites, each featuring lake and mountain views -- Spacious casino including a wide array of slots and table games -- Tournament-style poker room -- State-of-the-art race and sports book -- Several fine dining and casual restaurant venues -- High-end spa, fitness center and salon facility accessible by local residents -- Private beach and swimming pool -- Lakefront amphitheater and water show -- Over 50,000 sq. ft. of convention and meeting space -- Abundant surface and garage parking About Olympia Gaming

Olympia Gaming is the gaming development division of the Olympia Group, whose subsidiaries and related entities include the successful 2,700-acre Southern Highlands master-planned community, as well as some of the most desirable and high-profile real estate and mixed-use projects in the Las Vegas area. Spearheaded by prominent real estate developer Garry Goett, the formation of a gaming arm reflects the natural evolution of the company that opened the successful Casino Fandango in Carson City in 2003. In 2006, Olympia Gaming received approval from the Clark County Board of Commissioners to develop the Southern Highlands Casino Resort Spa, a $1 billion, 70-acre mixed-use resort project. Additionally, Olympia Gaming is in the planning stages of several large-scale developments throughout the state including a 2,700 acre master planned community in North Las Vegas called Park Highlands, a 5,300 acre master planned community in Mesquite/Lincoln County, and a 250 acre mixed-use development located on the South Strip in Las Vegas. Olympia Gaming's extensive development expertise positions the Olympia Group as one of the few multi-faceted development corporations capable of overseeing all aspects of a mixed-use real estate and master-planned gaming project. For more information on Olympia Gaming visit http://www.olympiagaming.com/ .

About RED Development, LLC

RED Development, LLC, formed in 1995, develops, leases, manages and owns shopping centers throughout the nation. The company primarily focuses on open-air, regional shopping centers, known as lifestyle centers and retail and entertainment developments. The company currently is developing retail and entertainment centers, urban city centers, mixed-use projects and sports facilities throughout the country. RED Asset Management was formed in early 2004 to provide property management services for RED's growing portfolio. RED has more than 30 centers open, in development, or under construction, totaling more than 18 million square feet. Within the industry, RED has earned a reputation for delivering as promised and creating strong relationships with its tenants, communities and business partners. RED has more than 160 employees and is co-headquartered in Scottsdale, Ariz., and Kansas City, Mo. To learn more about how RED is "REDefining" retail and entertainment development, visit http://www.reddevelopment.com/ .

For interview opportunities available with company executives, contact Kurt Ouchida at 702.300.5756.