Vestin Announces Payoff Of $54 Million Loan To The Cannery


LAS VEGAS, Oct. 13, 2004 (PRIMEZONE) -- Vestin Mortgage, Inc., a subsidiary of Vestin Group, Inc. (Nasdaq:VSTN) today announced that the Cannery Casino & Hotel completed payment in full, as agreed, on Vestin's $54 million loan.

Michael Shustek, Chairman, President and Chief Executive Officer of Vestin, said, "We made this loan about 18 months ago to support the innovative vision and exceptional acumen of the Cannery's management team. This loan, financed through investments by Vestin Funds I and II, was the largest in our history.

We unequivocally supported that vision for North Las Vegas. The operations of this fine, eminently profitable property clearly show that the Cannery's management not only fulfilled its vision, but exceeded it."

Mr. Shustek of Vestin said that, "It is clear that the casino business is robust in our community, and certainly burgeoning in North Las Vegas. Very recently Vestin concluded the sale of the Castaways to Station Casinos; and, of course, we provided the funding for the successful Terrible Herbst Casino just a few years ago."

William C. Wortman, Principal of the Cannery, said, "Vestin played a very important role in helping our company get started and become what we are today."

The Cannery Casino & Hotel employs more than 750, with 60 percent minority employees, and has more than 200 rooms, a 50,000 square foot casino and four restaurants. The Cannery opened on January 3, 2003. Earlier this year, the Cannery was honored by the North Las Vegas Chamber of Commerce as "The Company of the Year."

About Vestin Group

Vestin Group, Inc., through its subsidiaries, is engaged in asset management, real estate lending, and other financial services. Its subsidiary, Vestin Mortgage, has facilitated more than $1.5 billion in lending transactions since 1995. Through Vestin Mortgage, Vestin Group manages three funds, Vestin Fund I, LLC, $100 million mortgage fund, Vestin Fund II, LLC, a $500 million mortgage fund and Vestin Fund III, LLC a $100 million mortgage and real estate fund.

Certain statements contained herein are forward-looking statements that have been made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results in the future periods or plans for future periods to differ materially from those described herein as anticipated, believed, or estimated.

About the Cannery Casino & Hotel

Cannery Casino & Hotel is located in North Las Vegas at the corner of Craig and Losee roads. It is owned by Cannery Casino Resorts, LLC. Cannery Casino & Hotel features 201 guest rooms; a 50,000-square-foot gaming area; and The Club, an indoor/outdoor entertainment & festival venue and pool area. Food and beverage outlets include Victory's Cafe, Victory's Booze & Bets, Cannery Row Buffet, Waverly's Steakhouse, Casa Cocina Mexican Restaurant, Casa Cocina Bar, Pin-Ups Lounge and The Club Bar. For room reservations, phone 702-507-5700 or 866-999-4899.



            

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