Australia's PBL to pay 250 mln usd for 19.6 pct stake in Fontainebleau Resorts |
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Tue, 17 Apr 2007 01:34
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SYDNEY (XFN-ASIA) - Publishing & Broadcasting Ltd (PBL) has agreed to pay 250 mln usd for a stake of 19.6 pct in Fontainebleau Resorts LLC of the US, the developer of a new casino resort in Las Vegas, Nevada, PBL said.Its executive chairman, James Packer, said the purchase would give PBL's gaming division a first-class entry into the US casino resort market and, in particular, the Las Vegas Strip.PBL said the Fontainebleau Las Vegas would comprise a casino, hotel rooms, suites and condominium-hotel units on the 24.5-acre site of the former El Rancho Hotel and Algiers Hotel.The casino resort is expected to open in late 2009.Fontainebleau Resorts is also renovating its 16-acre Fontainebleau Resort in Miami Beach, Florida, which will re-open in 2008, PBL said.bruce.hextall@xfn.com
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