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Las Vegas casino planned by Australia's PBL

James Packer's Publishing and Broadcasting Limited (ASX:PBL) announced a joint venture to build a casino in Las Vegas.

Las Vegas casino planned by Australia's PBLPBL, which controls over 24% of Australia's broadcasting market and owns casinos around the world, has entered into a joint venture with IDM Properties (Texas-based), and York Capital Management (New York-based). The new joint venture, LVTI LLC, will build a casino on the Las Vegas strip.

The name of the new casino is Crown Las Vegas and will be operated by Crown Limited, the gaming company that is to be split out of PBL. The company said they own 37.5% of the new joint venture, paying $22.5 million for the stake.

Crown Las Vegas Casino will be located next to the Fontainebleau Casino and Resort, in which PBL has acquired a 20% stake.

Published on 05/31/2007

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