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Show Webb Sells Lake Powell Property Del Webb Corp. said Thursday it has completed the sale of the company's Lake Powell marina, lodging and houseboat operations to ARA Leisure Services Inc. of Philadelphia for about $72 million. Del Webb will recognize a net gain of approximately $14 million from the disposition of its discontinued discon-tinued leisure operations and from their 1988 financial operations, said Chairman Philip J. Dion. Various adjustments reduced the marina's sale price by $4.6 million to approximately $72.4 million, Dion said. The deal includes the sale of the company's Nevada Club and Mint hotel casinos in Nevada. Del Webb operated Bullfrog ; Basin, Dangling Rope, Halls Crossing, Hite and Wahweap marinas mari-nas on Lake Powell, and Wilderness Wilder-ness River Adventures rafting tours on the Colorado River. The company lost $96 million in 1987 and began a restructuring plan in January, including the proposed pro-posed sale of its tourism operations. opera-tions. Dion estimated the company will record a net loss of approximately approxi-mately $9 million for 1988. Del Webb expects to complete its restructuring in 1989, he said, when it sells the last of its gaming operations in Atlantic City, N.J., and Nevada. "As we enter 1989, our balance sheet will be simplified and strong as we prepare to take advantage of our real estate markets, particularly adult community development," Dion said. |