MPTV NEWS RELEASE......
PR NEWSWIRE) MPTV, Inc. and All-Star Resorts, Inc. Announces That Lake Trop,
MPTV, Inc. and All-Star Resorts, Inc. Announces That Lake Trop, LLC., Joint
Venture Has Signed a Letter of Intent to Fund
NEWPORT BEACH, Calif., Feb. 8 /PRNewswire/ -- MPTV, Inc., a Nevada
corporation, and its Joint Venture partner, All-Star Resorts, Inc., a
Nevada corporation, known as Lake Trop, LLC, has entered into an agreement
which is an Intent to Fund an acquisition and construction loan totaling
Fifty-Two Million Dollars ($52,000,000). The funds will be used to construct
and develop the Lake Tropicana Time Share Resort project.
The Lake Tropicana Timeshare Resort was approved by the Clark County
Planning Commission in September 1999 for 554 timeshare units, which is
planned to convert to 29,808 weeks at an average price of $12,000.00.(1)
Lake Trop, LLC anticipates the final stages of negotiations with a
nationally known lender is anticipated to be completed and signed within the
next six weeks. All partners are in agreement with the progress of this
negotiation.(1)
The Lake Tropicana Timeshare Resort is located in Las Vegas, Nevada
between the MGM Grand Hotel and Casino, the new Aladdin Hotel and Casino on
the "Strip" and the Hard Rock Cafe and Hotel Casino on Paradise and Harmon
Avenue. The "Harmon Corridor" has been designated as a tourist's corridor and
is undergoing transformation with two new casino hotels and three large
timeshare projects planned for this area.
MPTV, Inc. and All-Star Resorts, Inc., and its subsidiaries are engaged in
Timeshare Resort Development, Resort Management and Vacation Oriented
Television Entertainment and Advertising.
For more information contact:
James C. Vellema, Chairman of MPTV, Inc., 949-760-6747
(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.
-0- 02/08/2000 |
