Trizec reiterates no sale yet on Desert Passage

Wednesday, Oct. 1, 2003 | 11:10 a.m.

The chief executive of Trizec Properties Inc. reiterated Tuesday that the company has yet to close a sale on Desert Passage, the Arabian-themed mall attached to the Aladdin hotel-casino on the Las Vegas Strip.

Tim Callahan, addressing the Banc of America Securities Office Conference in New York, said the outlook for a sale is good, but he still can't comment on the status of negotiations.

"There certainly has been a lot of press of late about Las Vegas and Desert Passage," Callahan said during a question-and-answer session following his presentation. "We're really not in a position to comment on the specifics.

"We have said that we did have a very organized sales process there and the combination of the sort-out on the bankruptcy of the adjacent casino, which we are not involved with, as well as Las Vegas continuing to boom, we've had some very positive action there.

"But as in everything, when they close, you count them," he said. "So, we're still not there yet, but optimistic that we'll be able to get something done in the near term."

Toronto-based Trizec has begun to bolster its portfolio with office properties and is in the process of selling two more of its three retail-entertainment developments, including Desert Passage.