Las Vegas firm sells its Internet subsidiary

Tuesday, Feb. 13, 2001 | 11:18 a.m.

American Vantage Cos. of Las Vegas said it sold its majority interest in a New York-based Internet job recruiting service.

American Vantage said it sold its 80 percent interest in Placement 2000.com Inc. back to Placement's former majority owner in return for the 300,000 American Vantage stock options granted to the owner in December 1999. No other compensation was disclosed.

American Vantage paid $1 million cash plus the options to acquire Placement in December 1999. The owner of the company was not identified.

The company had classified Placement as an asset held for sale in December as part of a general restructuring effort. American Vantage is ridding itself of assets as part of an effort to prepare the company for future acquisitions or mergers. As part of this effort, the company shut down its WCW Nitro Grill at the Excalibur in September.

Placement lost $460,000 in the year ending July 31, 2000, and the effort apparently needed additional financing.

With the sale, American Vantage's sole operating asset is a 49 percent ownership interest in the Border Grill at Mandalay Bay. The company also holds 60 acres of land in North Las Vegas as an asset held for sale.