Issue 24
February 21- 28, 2001
Volume 1
page 1

This Issue

Gaming News
Park Place Entertainment Set To Buy Claridge Hotel & Casino In AC

Venture Pacific To Expand Development of NV Casino Resort Project

Neil Goldberg's "Cirque" To Play at Gold Strike Casino Resort

Macho Uno Out of Kentucky Derby

Playboy.com Signs Online Gaming Deal With Ladbrokes; Venture to Launch Sports Book Operation

"Casino Windsor Cares" Sponsors International Monument

Greektown Casino Hits Players In the Stomach

Columns
Career Opportunities Book
Features 90 Types of Casino Jobs Available

Show Time
Barenaked Ladies to perform at Mandalay Bay Event Center March 11

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Park Place Entertainment Set To Buy Claridge Hotel & Casino

LOS ANGELES, CA - Feb 15 (Reuters) - Billionaire financier Carl Icahn has sold his 43.6 percent stake in first mortgage notes for the bankrupt Claridge casino to Park Place Entertainment Corp., ending a bidding war between the two sides for the property and paving the way for a sale to Park Place.

In a February 13 filing with the Securities and Exchange Commission, Icahn disclosed that Park Place purchased his first mortgage notes for the Atlantic City property for $21.6 million in cash.

As part of the exchange, two Icahn-controlled entities also received Park Place's 14.5 percent share of first mortgage notes on the formerly bankrupt Sands hotel in Atlantic City, which was taken over by Icahn last year after a similar bidding war between Icahn and Park Place.

In the Claridge deal, Park Place also contributed nearly 780,000 shares or the 7.8 percent stake it held in GB Holdings Inc., the Icahn-controlled owner of the Sands that was bidding against Park Place for the Claridge.

The acquisition of the Claridge bonds by Park Place paves the way for the Las Vegas-based company to buy the Claridge, which has been operating in Chapter 11 bankruptcy for the last year and a half. Park Place has offered to buy the Claridge in an all-cash deal worth about $82 million.

GB Holdings had offered $81 million for the property, mostly in stock, but withdrew its bid on Feb. 5.

With Park Place now the uncontested bidder, a deal in bankruptcy court could now close as early as May, according to people familiar with the situation.

"We are excited about the prospects for the Claridge Hotel and Casino in the future,'' said Park Place Chief Financial Officer Scott LaPorta.

After a deal closes, Park Place is expected to run the Claridge, which was originally a hotel during Atlantic City's heyday as a summer resort, as it is without rennovating it or tearing it down to make room for a new facility.


Venture Pacific to Expand Development of
NV Casino Resort Project

VANCOUVER, BC - Venture Pacific Development Corporation president and CEO Nick DeCotiis announced plans to acquire a strategic corner property adjacent to its proposed Venture Bay Casino Resort development site in Pahrump, NV, February 19.

"We hope to be able to acquire the comer property as it is ideally situated and would fit in with our plans for our casino-hotel shopping complex," said Mr. DeCotiis.

The Venture Bay Casino Resort is intended to be a comprehensive casino/hotel complex. The complex would include an approximate 36,000 square foot casino with 400 slot machines, six blackjack tables, sports book, bingo facilities, banquet rooms, conference rooms and a restaurant. As well, part of the complex would include an approximate 350-room hotel, a shopping center, a gas bar/convenience store and a fully equipped recreational vehicle RV Park.

Architects Bergman Walls & Youngblood and interior designers Yates-Silverman were retained to create an oasis theme for Venture Bay. The Mirage, Treasure Island and Paris Casino resorts in Las Vegas were among the accomplishment of Bergman Walls & Youngblood, while Yates-Silverman were the creative sources for New York, New York and Caesar's Palace in Las Vegas and the Trump Taj Mahal in Atlantic City.

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