PBL announces new Vegas venture

2007-05-31 17:00:00

Publishing and Broadcasting Ltd (PBL) has confirmed that it plans to become involved in a new Las Vegas project.

In a joint venture with Texas-based IDM Properties and private investment fund York Capital Management, PBL are planning to build and manage a new casino on the famous Las Vegas strip.

The new Crown Las Vegas will be placed close to the Fontainebleau casino resort although final details of the development are still being discussed. Australian-based PBL recently acquired a 20 per cent stake in the Fontainebleau and the company has recently signalled its intention to increase its operations outside its home country.

A statement from the company added: "PBL will be looking to finance its involvement in the development in an efficient and effective manner."

It is understood that LVTI LLC, an affiliate of IDM Properties, last year secured an option to purchase 26.87 acres of land located at the north end of Las Vegas Boulevard for a total of $475 million (£240.179 million).


© Adfero Ltd