Agassi invests in LV SportPark

Tuesday, Oct. 6, 1998 | 11:31 a.m.

Las Vegas tennis great Andre Agassi leads an investment group that has taken a partnership role in a sports theme park opening later this week.

The transaction gives Agassi a majority stake in Saint Andrews Golf Corp., owner of the All-American SportPark, a theme park at Las Vegas Boulevard South and Sunset Drive.

The acquisition of 2.3 million shares of common stock for $2.5 million by A.S.I., a limited liability corporation led by Agassi and Sunbelt Communications Inc., is the final piece of a $16 million financing package that will assure the theme park is completed. Sunbelt operates Las Vegas' NBC television affiliate, KVBC Channel 3.

The All-American Sport Park consists of four major attractions, including the Major League Baseball Slugger Stadium, a batting facility with replicas of stadium walls in the outfield and likenesses of big-league players pitching, and the NASCAR Speedpark, a Go-Kart track endorsed by professional car racers.

A company news release said the Agassi-Sunbelt Group "will utilize its extensive knowledge in sports and marketing to assist in the development and expansion of the All-American SportPark" and that programming of events at the park "would be consistent with the vision and leadership of Andre Agassi and Sunbelt Communications Inc."

Park officials announced last month that Nevada State Bank had approved a $13.5 million loan to the company and that an equity partner would complete the financing.

A.S.I.'s stake in Saint Andrews represents about 76.6 percent of the 3 million outstanding shares of common stock and was acquired from Saint Andrews' parent company, Las Vegas Discount Golf and Tennis Inc. There also are 500,000 shares of Series A preferred stock and 250,000 shares of Series B preferred stock that are convertible into common stock on a share-for-share basis at any time.

The news release said the park would open within two weeks, but a park spokesman said Monday that the park would be open by the weekend for the Aggressive Skaters Association Pro Tour World Championships.

The "extreme sport" inline skating event is expected to generate five hours of television coverage on ESPN and espn2.