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Caesars Buys Site on Delaware River

PHILADELPHIA – As reported by the Philadelphia Inquirer: "Caesars Entertainment Inc. has put its money where its mouth is.

"The operator of casinos in Atlantic City and Las Vegas has paid $64.7 million for a site along the Delaware River that it hopes to turn into a slots parlor, the company confirmed yesterday. The land fronts South Columbus Boulevard between Reed and Dickinson Streets, across from the Riverview Stadium 17 theater complex.

"Caesars purchased the property -- 18 acres of buildable land, and an additional 12 acres of water and marsh -- even though it does not know whether it will obtain a slots license.

"Indeed, the state board that will award licenses to two slot parlor operators in Philadelphia, and 12 others around the state, is not yet even accepting applications from firms.

"…'It's a very prime piece of property, and we are confident that whatever happens, we'll be able to get a good return on our investment,' said Robert Stewart, a senior vice president…"

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