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.
PBL,
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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