Packer outfit buys Oz casino stake

SYDNEY — Kerry Packer’s Publishing & Broadcasting Ltd. has inked a deal to acquire 10% of Sydney Harbor Casino from U.S.-based Showboat Inc., which had a 25% stake in the venture, for A$101.7 million ($79.6 million).

PBL is also buying out Showboat’s management contract of the casino for a fee of $187.7 million. The deal, which is subject to government approval, also gives PBL an option to acquire another 10% of Showboat’s stake in the casino before March 1999.

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