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Hyatt Threatens to Quit Albania as Tax Quadruples

29 December 2005

ATHENS, Greece and ALBANIA -- As reported by Euro2day Newswire Athens: "Greek casino group Hyatt Regency has threatened to close down its casino in Albania after the government there unexpectedly decided to quadruple taxes on slot machines.

"The casino is in the capital, Tirana, and commenced operations on Dec 7, with an initial capacity of 21 tables and 240 slot machines.

"Hyatt effectively owns 30.6 pct of the casino but is expected to receive a management fee of 3 pct of sales plus 10 pct of EBITDA for running the casino, broker HSBC Pantelakis said..."

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