Las Vegas Sun

November 24, 2009

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LV company in financing deals

Tuesday, June 8, 1999 | 10:50 a.m.

PDS Financial Corp. of Las Vegas said it closed two financings totaling $19 million for the Resort at Summerlin, a new hotel-casino opening this month in Las Vegas.

The first two closings are for lease financing for non-gaming hotel furniture, fixtures and related equipment and will be sold to a participating investment bank.

PDS said it also expects to complete the third and fourth financings for the project by the end of June. The third closing will be for approximately $10 million of gaming equipment lease financing, which will be retained in the PDS portfolio. The final closing will be for approximately $15 million of furniture, fixtures and related equipment lease financing, which will also be sold to a participating investment bank.

Johan Finley, president and chief executive officer, said the gain from the sale of the non-gaming leases will contribute to PDS's second quarter earnings.

"Equally important, we plan to retain the gaming equipment leases for our portfolio, which will increase our total lease portfolio to over $50 million for the first time in our history," Finley said. "Increasing recurring revenues and cash flows from our lease portfolio is a cornerstone of our growth strategy."

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