PBL Partners to Erect
Tallest U.S. Building
by Andrew Harrison
From The Wall Street Journal Online
July 26, 2007
Publishing & Broadcasting Ltd., the owner of Australia's largest casino, confirmed it was a partner in a 5 billion Australian dollar (US$4.41 billion) development to build the tallest building in the U.S.
In May, PBL paid US$22.5 million for a 37.5% stake in a joint venture with Texas-based property developer IDM Properties and York Capital Management to build a casino resort on the Las Vegas Strip.
If plans are approved, the 575-meter-tall, 142-story Crown Las Vegas will be higher than Chicago's Sears Tower. PBL will operate the casino.
As opportunities in PBL's home territory are limited by competition concerns and the company is flush with cash from the sale of a 75% stake in its media business to CVC Asia Pacific Ltd., the group has been investing in casino businesses in Canada, the U.S. and Macau. PBL is also looking for opportunities in the U.K., which is deregulating its gaming industry, and in Europe.
Email your comments to rjeditor@dowjones.com.
