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Australia's PBL to co-invest in new Las Vegas casino with US firms


Published : Thu, 31 May 2007 04:28
By : Agencies
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SYDNEY (XFN-ASIA) - Publishing and Broadcasting Ltd (PBL) said it has struck an agreement with IDM Properties, a Texas based property developer, and York Capital Management, a New York based private investment fund, to form a joint venture to build and run a new casino resort on the Las Vegas Strip.

PBL said the new establishment, to be named Crown Las Vegas, will be operated by gaming company Crown Ltd which is being spun-off from PBL.

PBL said it has paid 22.5 mln usd for a 37.5 pct equity interest in the new joint venture company, LVTI LLC.

It said equity contributions by all the joint venture partners have been used to pay an option fee for the land on which the casino resort will be built.

PBL said final details of the design and development of the new casino resort are still being worked on.

The Crown Las Vegas site is immediately next door to the Fontainebleau casino and resort, in which PBL recently announced it was acquiring a 20 pct stake.

bruce.hextall@xfn.com

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