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Basses Unveil Vegas Resort Deal

22 June 2000

LAS VEGAS, NEVADA – June 22, 2000 – As reported by The Daily Deal: "Brothers Sid and Lee of the billionaire Bass family became the latest in a long line of corporate raiders-turned-casino entrepreneurs Wednesday when they unveiled a $500 million destination resort in Lake Las Vegas, the Village at MonteLago, just 17 miles off The Strip.

"'We are here as a real competitive resort,' said Ron Boeddeker, chairman of the Bass' partner and developer in the complete hotel-casino-condominium "destination" resort, Transcontinental Corp. 'It could be the beginning of other destination resorts.'

"The investment community and real estate brokers think the diversity of having a community-type condominium complex with a hotel-and-casino facility is a sound strategy in the gaming capital of the world.

"…Since acquiring the property in 1987, Transcontinental, backed by funding from the Basses, has been working on developing the artificial lake, putting up two championship golf courses and building a Hyatt hotel which opened in February.

"Transcontinental, the Basses and Alaskan investment group CIRI have in excess of 50% of the new venture. Sid Bass told the Wall Street Journal yesterday that he expects to complete the mammoth project in seven years.

"…Boeddecker thinks the Bass venture will offer a combination of luxury and practicality. "It is where people play live and work," he said. "In a sense we are creating the need for our own competition."

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