Australia media mogul invests in Las Vegas casino

2007-06-01 17:09:12

Australia's Publishing and Broadcasting Limited (PBL), owned by billionaire James Packer, has announced a joint venture with two US companies with a view to developing a casino resort called Crown Las Vegas.

After splashing out $27 million, Mr Packer's firm now has a 37.5 per cent equity interest in the venture, while IDM Properties, from Texas, and York Capital Management, from New York, own the rest.

The new casino will be situated near Fontainebleau Casino and Resort on the Las Vegas Strip and will be operated by Crown, a spin-off from PBL.

Equity contributions by all partners have been used to pay an option fee for the land on which resort will be constructed.

The design of the new development and the terms of Crown's management agreement are yet to be finalized, said PBL.

James Packer's company controls a quarter of Australia's broadcasting market and owns casinos around the globe.



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