Casino News

PBL takes a punt on the casino market

2007-04-18 17:00:00

Publishing and Broadcasting Limited, one of Australia's biggest media companies has made move into the US casino market, following an increasing move away from its core business.

PBL bought a $250 million stake (19.6 per cent) in Fountainbleau Resorts, planning to develop a new casino on the northern area of the Las Vegas strip.

Fountainbleau Resorts was recently founded in 2005 to redevelop the historic Fountainbleau hotel in Miami, in which PBL will also hold a stake, and is part of Turnberry associates.

Their $4.6 billion casino is expected to be completed by late 2009 and will occupy 1,000 square feet.

The stake bought by PBL is part of a larger strategy to move away from its original media business, of which it sold 50 per cent late last year to concentrate on its gambling business.

PBL has already teamed up with Macquarie bank to buy nine Canadian casinos for $1.4 billion, as well as developing three casinos in the Chinese province of Macau.






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