The Age (VIC Metropolitan, 16 July 2007)
Hotel and gaming operator National Leisure and Gaming has completed the
$91 million acquisition of the Iris Group's leasehold hotel portfolio.
The portfolio includes nine western Sydney hotels with 45-year leases and
240 poker machines.
The latest deal comes shortly after NLG's $80 million merger with the GSL
Pub Operations Trust (GSL), and the settlement on NLG's $63.5 million
acquisition of the Gaming Asset Management (GAM) portfolio.
Both deals were completed last month.
NLG also has agreed to buy the leasehold hotel businesses of the Moonee
Beach Tavern in Coffs Harbor and the Tacking Point Tavern in Port Macquarie
for a total of $5.3 million.
The hotels have 39 poker machines between them.
NLG Chairman Sally Pitkin said NLG now had 39 hotels and more than 1,000
"NLG is now well positioned as one of the country's largest specialist
hotel and gaming operators and we will continue to investigate acquisition
opportunities where we can add value and that fit our investment criteria,"
Ms Pitkin said.
"Importantly, our portfolio now comprises diversified income streams and a
geographic spread along the east coast of Australia." | End