NLG completes $91m purchase

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 poker machines.

"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