LV firm buys into Internet company

Friday, Oct. 8, 1999 | 11:19 a.m.

American Vantage Cos. of Las Vegas said it acquired a majority interest in a New York Internet company for $1 million.

Under terms of the agreement, American Vantage will pay $1 million cash for Placement 2000.Com Inc., a firm specializing in providing online recruiting services for information technology companies and workers. The company offers a online database allowing the posting of resumes and job openings.

American Vantage will pay an additional $2 million, plus as much as 1 million options to purchase American Vantage shares, based on Placement 2000's future earnings.

American Vantage, traditionally a casino management consulting firm, has been forced to begin diversifying its business after its largest customer, an Indian casino in California, terminated its contract earlier this year. American Vantage called today's agreement an important step in that diversification, and said it intends to continue searching for Internet acquisition opportunities.

American Vantage also owns and operates the WCW Nitro Grill restaurant in the Excalibur hotel-casino, and the Border Grill in Mandalay Bay.