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Atlantic City Casino Planned

22 September 2006

ATLANTIC CITY, New Jersey – As reported by the Philadelphia Inquirer: "The real estate market may be cooling nationwide, but prospective casino developers keep spending hundreds of millions of dollars to buy property here.

"The latest investor group poised to add a casino here has agreed to buy 11 acres from the Atlantic City Hilton Casino Resort for $85 million.

"It is a group headed by Wallace R. Barr, the former chief executive officer of Caesars Entertainment Inc., and Curtis Bashaw, former executive director of the New Jersey Casino Reinvestment Development Authority.

"People directly involved with the negotiations or familiar with them say the land purchase is expected to close in early to mid-November.

"…Two Atlantic City executives familiar with the Barr-Bashaw group's plans said the new casino would be comparable in size and amenities to the new Red Rock Casino, Resort & Spa by Station Casinos Inc. in Las Vegas - a property that caters to the needs of gamblers who spend more time and money than day-trippers. It would include a hotel, shopping and multi-story parking garage.

"This would be the latest in a string of high-profile efforts to develop new casinos in what is now a $5 billion industry here…"

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