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Caesars to Sell Interest in Nova Scotia Casinos

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment Inc. (NYSE: CZR) entered into a definitive agreement yesterday to sell its interest in the company that owns and operates two Nova Scotia gaming properties - Casino Nova Scotia Halifax and Casino Nova Scotia Sydney - for approximately US $70 million.

Under the terms of the agreement, Great Canadian Gaming Corporation of Richmond, British Columbia, will acquire from a Caesars subsidiary its 95 percent ownership interest in Metropolitan Entertainment Group, a Nova Scotia partnership that owns and operates the two Nova Scotia casino properties under an agreement with the government-owned Nova Scotia Gaming Corporation.

The transaction is expected to close by the end of the second quarter of 2005 and is subject to customary regulatory approvals and closing conditions outlined in the agreement.

Casino Nova Scotia Halifax is a full-service gaming facility featuring 750 slot machines and 40 table games, along with three restaurants, a bar and conference facilities. The casino facility is adjacent to the Casino Nova Scotia Hotel, a 352-room hotel which is owned and operated by a Caesars subsidiary. Casino Nova Scotia Sydney is a full-service gaming facility within walking distance of all major downtown Sydney hotels. The facility features 387 slot machines and 11 table games, a restaurant and a bar.

Great Canadian Gaming President and Chief Operating Officer Anthony Martin said, "The company is extremely pleased with the agreements to acquire Metropolitan Entertainment Group and looks forward to developing the Halifax and Sydney properties within the objectives of the Nova Scotia Gaming Corporation. The scope of the operations and regulatory environment of Nova Scotia is one in which we are both familiar and comfortable and believe our expertise will greatly benefit the two properties."

Great Canadian Gaming Corporation, home to more than 3,500 employees, is a multi-jurisdictional gaming and entertainment operator. Within British Columbia, the corporation operates six casinos, a thoroughbred racecourse, two standardbred racecourses, a community gaming centre, numerous licensed restaurants and a marina operation. In Washington State, through Great American Gaming Corporation, the Corporation operates four gaming and restaurant / entertainment facilities.

Caesars Entertainment, Inc. (NYSE: CZR) is one of the world's leading gaming companies. With annual revenue of $4.2 billion, 24 properties on three continents, more than 25,000 hotel rooms, two million square feet of casino space and 50,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.

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