LV firm still interested in PT’s deal

Friday, July 6, 2001 | 10:46 a.m.

Las Vegas-based PDS Gaming Corp. remains interested in acquiring the valley's largest chain of video poker bars, PDS's chief executive said Thursday.

On Wednesday, Revenue Properties Co. Ltd. of Toronto announced that PDS had pulled out of a deal to acquire P.T. Gaming LLC, which operates 23 PT's Pubs in the Las Vegas Valley. Revenue Properties jointly owns P.T. Gaming with local businessmen Phil and Tom Boeckle.

Johan Finley, chairman and chief executive of PDS, said the company had to call off the deal because it was unable to complete financing arrangements by the deadline called for under PDS's agreement with Revenue Properties, and wasn't able to negotiate enough of an extension. The deal had been expected to close Sept. 1.

"We really like the franchise, but we didn't have enough time to get it done," Finley said. "We ran into a wall with timing and had to terminate."

However, Finley said the company remains interested in resurrecting the deal.

"We think the world of this franchise, and we would like to continue on," Finley said. "We are continuing to talk to them, and we still have a very high level of interest in the deal."

Revenue Properties officials indicated Thursday that the company remains interested in selling P.T. Gaming.

PDS primarily sells slot machines and provides lease financing for gaming equipment, though it does have one gaming operation, the Gambler casino in Reno. Finley indicated that the company is still looking for ways to expand its casino operations.