LAS VEGAS— Leisure Industries Corp. of America has acquired of the development rights for Cimarron Resort, an upscale vacation interval resort near Palm Springs, CA. The terms of the purchase call for Leisure Industries to pay of $1.96 million and assume certain debt obligations of the seller, Raintree North America, bringing the value of the deal to approximately $5.8 million. The property, which will be marketed as Cimarron Golf Resort, A Leisure Industries Co., is approved for 242 villas, 40 of which are built. Leisure Industries will develop the remaining 202 units, with construction of 40 new villas to begin in October. They are expected to be ready for occupancy within nine months. Concurrently, Leisure Industries also purchased the Cimarron Golf Club LLC from OB Sports LLC. The total value of the golf course purchase, including the assumption of debt and other liabilities, is approximately $10.8 million. “This acquisition marks Leisure Industries expansion into the southern California vacation interval ownership and golf markets,” said Floyd Kephart, CEO. “This luxury property is in keeping with the upscale strategy outlined in our business plan and will provide us with a location in this premier travel destination.” Cimarron Golf Resort is a 270-acre development, which includes two membership based courses, an 18-hole, 6,858-yard championship golf course and a 3,156-yard executive course, both designed by John Fought. The 26,000-square-foot clubhouse houses a pro shop, bistro and interval sales offices and is part of the total amenities package offered to purchasers of vacation intervals. The resort also offers tennis, pools, spas, recreation and fitness facilities. Leisure Industries will perform the sales, marketing and operational functions of the resort, which is an RCI Gold Crown Affiliate. Currently RCI manages the hospitality functions. The golf facilities are managed by OB Sports Golf Management LLC. On March 21, Leisure Industries, then known as Mego Financial Corp., signed a letter of intent to acquire Raintree Resorts International Inc., subject to the successful completion of an inspection period, signing of a definitive purchase and sale agreement, and the appropriate approval by both companies. Upon completion of the due diligence, the companys board of directors voted to only proceed with the acquisition of the Cimarron property from Raintree Resorts. This acquisition completes the Raintree-related transactions. On April 12, the company launched of its new corporate identity with a name change to Leisure Industries Corp. of America. It’s headquartered here and has properties in Nevada, New Jersey, Colorado, Florida and Hawaii.