Gaming company downsizes

JANUARY 9, 2001

Venture Catalyst Incorporated of California announced today it is eliminating about half of its workforce and closing all but one of its offices in an attempt to focus entirely on the California Indian gaming market.

"By taking action now, we believe we can more rapidly restore profitability and grow our most promising business-gaming technology integration and gaming consulting services," said L. Donald Speer, II, Chairman and CEO of VCAT. The company will record a one-time fourth quarter '00 charge of between $6 million and $7 million.

The company is getting rid of 34 non-gaming employees. It is closing its offices in Los Angeles, Orange County, and Phoenix, Arizona, and will operate solely out of San Diego.

Speer said the company's premier client is the Barona Casino, owned by the Barona Band of Mission Indians.

Relevant Links:
Venture Catalyst Incorporated - www.vcat.com/home.html