Consolidated Resort Enterprises Is Acquired by Minneapolis Firm
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Consolidated Resort Enterprises Inc. of Newport Beach, owner of an apartment complex in Las Vegas, was acquired by a Minneapolis concern that says it will turn the apartments into time-share units.
MPTV Inc. of Minneapolis swapped 7.5 million shares for Consolidated. MPTV closed at $5.50 a share on Nasdaq when the acquisition was completed earlier this week, which puts the value of the deal at about $41 million.
The company says it will sell the 176 apartments in the Lake Tropicana complex as one-week time shares at between $8,000 and $11,000. (For that price, buyers get to use the unit one week out of each year.) The complex is next to the new MGM Grand Hotel/Casino and theme park.
MPTV started in the mid-1980s as a Nevada concern with a plan for broadcasting entertainment programs and game shows from the lobby of Bally’s casino in Las Vegas.
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