June 14, 1999 11:34pm
Internet Porn Giant To Buy Caesars Palaces
by: Company Press Release
LAS VEGAS, June 14 /PRNewswire/ -- Ocean Fund International, a British Virgin Island Mutual Fund and the owner of the world's largest pornographic Internet site, SEX.COM, today submitted a $3.6-billion, all-cash offer to purchase the eight Caesars Locations recently purchased by Park Place Entertainment (NYSE: PPE - news), formerly Hilton Hotels (NYSE: HLT - news) and Starwood Hotels and Resorts (NYSE: HOT - news).
The offer, subject to approval of the gaming commissions in each jurisdiction, includes Caesars Palace, Las Vegas, Caesars Casino, Mississippi, Caesars Atlantic City, New Jersey, Caesars Pocono, Pennsylvania, the River Boat ``Glory of Roam,'' Indiana, Caesars Tahoe, Nevada, Caesars Manila and all Caesars under construction in Africa.
The company has pledged an additional $2.5-billion cash for capital improvements of the Caesars locations, including a sports arena at the Las Vegas Caesars Palace.
SEX .COM boasts over 9-million members who pay $24.95 per month for access to the world's largest sex-related Internet site, which receives more than 146-million unique ``hits'' daily. Advertisers on the 1,000-page-deep porn site pay up to $1.5-million monthly to display their banners. For premium ad-space, there is a waiting list of over one year.
Sir William Douglas, Chairman of Ocean Fund is plain-spoken about the success of SEX .COM, ``There are some people in this industry who claim to make a lot of money. In fact, SEX .COM does 86% of the sex-related business on the web. We make more than Penthouse, Hustler, Playboy, and all other major sex web sites combined. I challenge anyone who claims to do more business in this industry to produce auditable numbers.''
Ocean Fund's wholly-owned subsidiary, Sand Man Internacional, in cooperation with Mexican telecommunication companies, is investing $100-million in fiber-optic technology to support a telephone, Internet, and cable television infrastructure throughout Tijuana, Mexico. Sand Man intends to give free fiber to every resident and business in the greater Tijuana area.
Douglas expects the acceptance of the offer and gaming commission approval for the Caesars acquisition to move quickly. ``We are looking forward with pleasure to making our records available for close scrutiny by the commissions. We are extremely proud of our demonstrated record of success -- we will do no less with the addition of Caesars to the Ocean Fund leisure and luxury-industry portfolio.'' The Company intends to retain the in-place management staff.
For more information contact Ocean Fund International at 619-210-2600.
SOURCE: Ocean Fund International