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Publishing and Broadcasting Limited Forays into a Las Vegas Strip Casino Project

As of June 1, 2007, the Publishing and Broadcasting Ltd's latest expansion plans to their gaming organization will see the company spend a total of $27.37 million on a joint collaboration for a new casino facility in Las Vegas.

Publishing and Broadcasting Limited (PBL) has entered a business agreement with IDM Properties, a property developer in Texas and York Capital Management, a private investment fund from New York, to build and manage a new casino facility in Las Vegas.

The newly completed casino facility is to be named Crown Las Vegas. This development comes after 6 weeks of PBL's first venture into the U.S. Casino Industry when the company bought the Fontainebleau Resorts for about $304 million.

The Crown Las Vegas facility will be adjacent to the Fontainebleau Resort. The cost of the construction of the Fontainebleau Resort is $3.41 billion.

The PBL commented that the Crown Las Vegas would be managed by Crown Limited, the gaming organization that was to be split from the Publishing and Broadcasting Limited Group.

PBL announced that the company would be split from the gaming division, Crown Limited and a media and publishing company, Consolidated Media Holdings. PBL said that the final details of the casino design and the construction of the new gambling casino facility are still being decided.

The company added that they will be looking to fund their involvement in the project in a productive manner. For their $27.37 million, PBL has acquired a 37.5% stake in the company LVTI LLC, with the money from business partners used to pay for the cost of the land.

LVTI LLC, which is a subsidiary of IDM properties, got the option in 2006 to buy the 10 acres of land located at the north end of Las Vegas Boulevard.

The cost of the buyout was $577.75 million. PBL commented that the joint venture paid a total of $54.73 million to the vendor of the property, with the remaining balance to be paid in 2008.

 

Monday, June 25 , 2007
Victor Copeland