Consolidation

Consolidated Resort Enterprises Inc., an Orange County real estate partnership, has been acquired by MPTV Inc. of Minneapolis for $42 million in a stock transaction.

Consolidated owns a majority stake in the Lake Tropicana resort next to the new MGM Grand Hotel and Theme Park in Las Vegas. The company also holds options on several resort properties and resort management contracts in Western states and Hawaii, according to James Vellema, Consolidated’s president and majority shareholder.

The agreement calls for publicly traded MPTV to issue 75% of its stock after the acquisition to Consolidated shareholders--a deal that will enable the privately held Newport Beach company to go public without going through a formal initial offering.

MPTV’s stock closed Monday up 87.5 cents to $5.875 a share on the Nasdaq market.