A Chinese investment holding company said it has signed a letter of intent to purchase oil fields in Texas for 8.3 billion yuan (USD1.3 billion) through a limited liability partnership. In a disclosure to the Shanghai Stock Exchange, Yantai Xinchao Industry Co. Ltd. said the oil fields in Howard and Borden counties would be bought from Tall City Exploration and Plymouth Petroleum, two Nevada-based companies. In the Saturday filing, Yantai Xinchao said it signed a letter of intent Friday with Ningbo Dingliang Huitong Equity Investment Center, a limited liability partnership, and its seven shareholders to buy the oil fields through a Ningbo Dingliang subsidiary, Moss Creek Resources LLC. It said the transaction has been approved by the Committee on Foreign Investment in the United States.
Caesars Palace turning 50, getting USD75m upgrade
Caesars Palace on the Las Vegas Strip is getting a USD75 million upgrade for its 50th birthday. The 567-room Roman Tower of rooms that’s been closed for construction since mid-September will get 20 additional rooms and a new name: the Julius Tower. Caesars Palace, which opened on Aug. 5, 1966 and became a Hollywood favorite in movies like “Rain Man” and “The Hangover,” has grown to about 3,960 rooms spread across six towers. “We continue to reinvent Rome and Las Vegas” said Caesars Palace regional president Gary Selesner in a statement.
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