Australias PBL plans partnership in Las Vegas hotel-casino

04.06.2007, Lesen Sie hier den Bericht über «Australias PBL plans partnership in Las Vegas hotel-casino»

By: KEN RITTER - Associated Press LAS VEGAS -- Australia's biggest gambling and media company will partner with a property developer and a private investment fund to build a new hotel-casino on the Las Vegas Strip.

Publishing & Broadcasting Ltd., a firm controlled by Australia's richest man, James Packer, said it formed a joint venture with IDM Properties of Austin, Texas, and York Capital Management of New York to develop a resort that will be called the Crown Las Vegas. York spokesman Mark Schein on Friday confirmed the partnership, but declined to discuss specifics.

Publishing & Broadcasting announced separately Friday that it sold a 25 percent stake in its PBL Media joint venture to private equity partner CVC Asia Pacific, reducing its stake in PBL Media to 25 percent.

Packer, PBL's executive chairman, said the sale was part of a broader reallocation of capital.

The Las Vegas Strip property would be operated by Crown Limited, a gambling company to be split from Sydney-based Publishing & Broadcasting, subject to approval by shareholders, the company said.

PBL said it paid $22.5 million for a 37.5 percent equity interest in the joint venture company, called LVTI LLC.

The company put the total purchase price at $475 million. It said the joint venture paid $45 million, with the balance due in 2008.

Christopher Milam, of IDM has proposed what would be the tallest building in the world, an 1,888-foot tower, on the former site of a swimming and water park on the north end of the Las Vegas Strip.

He confirmed the partnership in an e-mail with the Las Vegas Review-Journal, the newspaper reported Friday. He could not immediately be reached by The Associated Press.

Nevada Gaming Control Board Chairman Dennis Neilander told the Review-Journal that Packer had not yet applied for a casino license.

Publishing & Broadcasting owns and operates two Australia casinos -- the Crown Entertainment Complex in Melbourne and Burswood International in Perth.

It also is a partner with Hong Kong-based Melco International Development Ltd. in the Crown Macau casino, which opened in May in the Chinese gambling enclave.

Milam entered an option agreement in June 2006 to pay $450 million to Archon Corp., the owner of the 27-acre former water park.

The site is next to a 24.5-acre site being developed as the Fontainebleau-Las Vegas, a 3,889-room casino, hotel, condominium and spa resort tower due to open in late 2009. PBL recently announced it was acquiring a 20 percent stake in that project.

Über Glücksspiele in Macau - Gambling in Macao:

Macau (englisch Macao) liegt rund 50 Kilometer westlich von Hongkong und ist das Glücksspiel-Paradies in Asien.

Macau hat rund 40 Spielcasinos. Die grössten Casinos sind The Venetian Macao, MGM Macao, Wynn Macao, Galaxy StarWorld, City of Dreams, Sands Macao, Casino Lisboa.

Neben den riesigen und farbenfrohen Casinobuildings ist eines der Wahrzeichen der Macau Tower (Fernsehturm mit 338 Meter) mit atemberaubenden Ausblicken auf die Stadt.

Macau erstreckt sich über eine Fläche von 115.3 km2 und hat rund 620'000 Einwohner.

--- Ende Artikel / Pressemitteilung Australias PBL plans partnership in Las Vegas hotel-casino ---


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