Beneficial Holdings, Inc. Enters Understanding With Grupo Lafise Subsidiaries to Purchase Hotel

Beneficial Holdings, Inc. Enters Understanding With Grupo Lafise Subsidiaries to Purchase Hotel

Beneficial Holdings, Inc, a casino and hospitality investment and management holding company, entered into an understanding with Grupo Lafise subsidiaries Banco de Credito Centroamericano, S.A., and Inversiones ZUM to purchase a hotel in Managua, Nicaragua, from them.

The hotel, to be known as “Hotel Beneficial,” will be owned by one of Beneficial Holdings’ Nicaraguan subsidiaries. The Company will establish a reservations website at www.hotelbeneficial.com over the next two weeks.

Presently, Beneficial possesses two gaming properties in Nicaragua and expects to take possession of a third location in Tipitapa, Nicaragua, over the next ten days. The hotel will be the Company’s fourth operating location. The Company’s subsidiary will open an online casino for non-U.S. players, known as www.bet.cr in March 2010.

“We are extremely pleased to have been able to work with a respected financial institution in Nicaragua for the purchase of our first hotel in the Region. Grupo Lafise’s representatives were understanding and efficient, and they moved the transaction forward promptly. We’ll look at BanCentro’s innovative financial products for our future business needs,” Alex Papic, Vice President of Beneficial Holdings, Inc., said.