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ITT SHERATON CORPORATION ENTERS U.S. GAMING ARENA WITH RIVERBOAT CASINO PARTNERSHIP IN NEW ORLEANS' FRENCH QUARTER

 BOSTON, April 30 /PRNewswire/ -- ITT Sheraton announced today that it has entered into a partnership to build and operate a riverboat on the Mississippi River in the French Quarter of New Orleans, La., as a first step in the company's entry in the U.S. gaming arena.
 ITT Sheraton Corporation will be the majority owner of The Lady Sheraton Riverboat Casino. Other partners for the project are two privately held companies, the New Orleans Steamboat Company and Jax Riverboat Corporation.
 "We are delighted to be embarking on this endeavor with our partners to build and operate a riverboat casino in the center of New Orleans' tourist attractions," said John V. Giovenco, ITT Sheraton president and chief operating officer.
 Lady Sheraton will be a 1,450-passenger riverboat to be docked at the Toulouse Street Wharf in the heart of the French Quarter in New Orleans and only five blocks from the Sheraton New Orleans Hotel.
 "This is an extremely exciting time because it marks the U.S. entry of the world's leading hospitality company into the increasingly popular, financially rewarding business of gaming," Giovenco added.
 Subject to licensing, the new sternwheeler Lady Sheraton will be constructed in Louisiana, and the venture anticipates that the majority of contracts for goods and services will also be with Louisiana-based companies, organizations and individuals.
 The scale and style of the vessel has been designed by John W. Gilbert & Associates (Naval Architects) with particular sensitivity to its location and the surrounding environment in the French Quarter. Shoreside improvements will include landscaping designed in concert with the Audubon Institute. Construction will begin immediately after all governmental licenses and approvals are obtained.
 The Toulouse Street Wharf is a sought-after location with a long and successful history of riverboat operations.
 ITT Sheraton Corporation also has applied for gaming licenses in New Jersey and in Nevada. The company has existing gaming operations overseas and recently submitted its final proposal to operate a casino in Melbourne, Australia. ITT Sheraton has been "short-listed" by the Victorian Casino Control Authority as one of three finalists among an initial field of 23 contenders.
 Boston-based ITT Sheraton Corporation, a subsidiary of ITT Corporation, is a worldwide network of more than 400 owned, leased, managed and franchised properties, including 295 upscale and luxury hotels, resorts and all-suites and 135 inns in 61 countries.
 ITT Corporation, ITT Sheraton's parent company, is a $21 billion diversified multinational corporation engaged in eight product and service businesses.
 -0- 4/30/93
 /CONTACT: Delores Sanchez of ITT Sheraton, 617-367-5481/


CO: ITT Sheraton ST: Massachusetts IN: LEI SU:

DD -- NE012 -- 3442 04/30/93 17:23 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:435
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