Multiple WordPress sites using same posts, pages but with diff. URL, theme

The scenario is this: I have an existing WP site running for a client which is an event promoter, and now the client has asked that I create a site for one of the venues for which events are listed on the main Promotion Company site. So, what I would like to do is create another install of WP alongside the other site which essentially has no admin and uses the same events list (posts). I would simply want to do queries for just the post cats for that specific venue. These would both exist on the same Mediatemple GS account, so the tie to the database would be very simple, but would the differing domain names cause problems with the database queries? Ive done a good bit of research and can only find info on creating multiple WP sites using the same WP install (but separate database tables).

Can anyone suggest a slicker way to do this? Thanks in advance for the help!
-Adam