News didn't hit PR until after 11:08; people still only just beginning to take notice!
PR NEWSWIRE - June 11, 1999 11:08
NEWPORT BEACH, Calif., Jun 11, 1999 /PRNewswire via COMTEX/ -- MPTV, Inc. (OTC Bulletin Board: MPTV), a Nevada corporation, announced today that financing is set to close financing for their expanded Lake Tropicana timeshare project in Las Vegas, Nevada on Monday, June 14, 1999.
MPTV, Inc., expects construction and sales on the first phase to start within ninety days. The construction entails remodeling 48 existing units, completing the sales center and the enhancement of the project's amenities.
Management expects the project to generate 20,592 units of timeshare sales at an average price of $12,700 over the next five years. The expanded project will consist of 48-two bedroom Villas and 348 two-bedroom units to be located in the newly constructed high rise buildings. New construction will consist of a 30,000 square foot "Nationally Recognized" fitness center, spa, natural wellness center and restaurant, which combined is a major amenities offered for the project. (1)
The project is ideally located within walking distance from the hottest growing area of the strip. The new Aladdin, which is currently under construction, the MGM Grand, Bellagio and the Paris, Paris Hotel and Casino. At least five timeshare projects are planned in the Harmon Avenue Casino and Resort corridor.
Next to Orlando, Florida, Las Vegas is the most active Timeshare market in the country. The six active Resort Timeshare projects sold an estimated $107.3 Million in sales volume in 1998 and the volume is projected to increase by 20% in 1999. Las Vegas is ideal for the Timeshare business because ofthe estimated 31 Million tourists who visit and vacation each year.
MPTV Inc. is engaged in Timeshare Resort Development, Resort Management and Vacation Oriented Television Entertainment and Advertising.
(1) This paragraph constitutes a forward looking statement, and is subject to various factors that could cause actual results to differ materially from the result anticipated in such forward looking statement.
SOURCE MPTV, Inc. (C) 1999 PR Newswire. All rights reserved. prnewswire.com -0- CONTACT: James C. Vellema, Chairman of MPTV, Inc., 949-760-6747 (MPTV)
GEOGRAPHY: California
Nevada
INDUSTRY CODE: LEI
RLT
SUBJECT CODE: OTC
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