Littlefield Entertainment operates charitable bingo halls in Texas, Alabama, South Carolina, and Florida. The industry’s annual wagering exceeds $3 billion nationwide. Littlefield Entertainment operates 38 charitable bingo halls and is the largest public owner of such halls in the United States. Charitable bingo is a niche market subject to varying regulatory requirements in each state. In charitable bingo agreements, charities operate bingo games within a location owned or leased by Littlefield Entertainment. The charities pay a fee or “rent” for each session of bingo played within a Littlefield hall. The charity is responsible for all aspects of running the bingo game, while Littlefield Entertainment is responsible only for the upkeep, maintenance, and facilitation of the physical location.
PRINCIPLES OF BUSINESS AND MARKETS
The Company currently has one distinct and separate business unit
The 38 charitable bingo businesses comprise this business unit. Of these 38 bingo halls, fifteen (13) are in Texas, three (3) are in Alabama, twenty-one (21) are in South Carolina and one (1) in Florida.
The company plans to expand it operations through start-up or acquisition of bingo halls. In its start-up activities the Company anticipates recovering its entire investment (usually $250,000 to $500,000) in a new start up bingo hall within two to three years after the attainment of a stable and predictable operating environment (typically 6-12 months after the initiation of operations with a full contingent of charities).
In addition to starting up new charitable bingo halls, the Company may acquire other halls. The Company targets a going-in investment return of approximately 30%.