LAS VEGAS, July 26, 2007 (PRIME NEWSWIRE) -- KL Holding Company, N.V., a closely held international resort and casino development company, has won an auction to acquire substantially all of the outstanding assets of Playa Blanca, N.V. ("Playa Blanca"), the owner of the La Cabana Villas Timeshare Resort and the Royal Cabana Casino complex ("La Cabana") located on Eagle Beach in Aruba. The auction was conducted in Aruba.
La Cabana includes a 362-room timeshare and resort hotel consisting of two five-story buildings and two four-story buildings, a 48,000 square foot permanent Casino building complex (formerly known as the Royal Cabana Casino), a restaurant (currently operating as a temporary casino) and recreational amenities. The permanent Casino is currently not operating and is awaiting renovation.
"We are committed to the existing employees at the resort, and we are planning major capital improvements for the project to make it one of the best timeshare and gaming properties on the island," said Fred Gillmann, CEO of The Gillmann Group and one of the managing partners of KL Holding Company, N.V.
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