Lucky Red Casino

Publishing and Broadcasting Ltd. Spends $300 Million on U.S. Based Casino

On April 17, 2007, Publishing and Broadcasting Ltd. (PBL) signed an agreement to buy 19.6% of Fontainebleau Resorts, a U.S. based casino resort company, LLC for $300.6 million.

PBL, an Australian media and gaming organization, commented that the agreement gives their company a good chance to penetrate the U.S. casino resort industry. Fontainebleau Resorts is a prime developer of a brand new gambling casino resort facility on the strip and owns and manages the Fontainebleau Resort in Miami Beach, Florida.

A Fontainebleau Resort was made by Jeffrey Soffer back in 2005. Soffer is a principal on Real Estate Development Company, Turnberry Associates and Mr. Glenn Schaeffer, the ex-President and Chief Financial officer from the Mandalay Resort Group.

PBL executive chairman James Packer commented that the agreement gives the company exclusive entrance to the U.S. Casino industry, especially the Las Vegas strip. Mr. Packer also said that he is ecstatic to be putting some money into a business organization led by Jeffrey Soffer and Glenn Schaeffer.

Jeffrey Soffer also welcomed the investment made by PBL and added that he is confident that the partnership with PBL will grow and prosper.

PBL commented that once the facility is completed, Fontainebleau Las Vegas will be a top class destination casino resort facility, which is made by casino, luxury hotel suites and even condominium spaces.

PBL said that the casino resort will be built on a 24.5 acre area located in the north end area of the Las Vegas Strip and is expected to open in 2009.

Fontainebleau Resorts is also currently in the middle of renovating their 16 acre Fontainebleau Resort in Miami Beach which will reopen in 2008. PBL said that the agreement is subjected to the conditions precedent and expected to end on May 2007.

 

Tuesday, May 29 , 2007
Edward O'Connor