Australia's Publishing and Broadcasting Ltd. Ready To Buy US Casino

Australia's richest man, James Packer, is ready to make a splash into the casino business in the United States when the company he controls, Publishing and Broadcasting Ltd., finalizes their purchase of a Pennsylvania casino.

The sale will be for an estimated $1.78 billion, and will be one of two casinos. Not disclosed is which casino will be bought, but PBL's Crown has had talks with owners of a casino in Pennsylvania.

Either Harrah's Chester casino or Prairie Meadows Racetrack and Casino will allegedly be the casino that will be bought, although reports did not specify which one.

In May, PBL made plans to split its gaming and media interests into two separate listed companies, and the gaming company was to be Crown.

Consolidated Media Holdings will be the other company and will include a 25 percent stake in PBL Media and PBL's stake in pay TV business Foxtel.

Crown will be the company that PBL has its casino and international gaming assets.

November 20, 2007
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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