Australian expanding into the U.S. gambling market
Australian media and gaming company Publishing & Broadcasting Ltd. announced Tuesday it was expanding into the U.S. gambling market by paying US$250 million (€185 million) for 19.6 percent stake in U.S. casino developer Fontainebleau Resorts LLC.”This transaction provides PBL Gaming with a first class entrance into the U.S. casino resort market, in particular, the renowned Las Vegas Strip,” PBL Executive Chairman James Packer said in a statement.
The transaction is expected to be completed next month.
Fontainebleau announced Monday it is developing a US$2.8 billion (€2 billion) casino resort on the Las Vegas Strip, Nevada, expected to open in late 2009, and is also renovating its Fontainebleau Resort in Miami Beach, Florida.
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