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Czech Developer Plans Entertainment Center

19 March 2003

CZECHOSLOVAKIA – As reported by the Prague Post: "If investors have their way, Trutnov, east Bohemia, will be the home of one of the nation's largest entertainment centers. The town, nestled among the Krkonose mountains, is the spot where a 12 billion Kc (US$401.6 million) complex of shops, sports facilities and perhaps even a casino is expected to be built.

"Sazka, the Czech Republic's No. 1 lottery company, is the owner and developer of the property. Though the company's plans to build the center seem to be far from being realized, this did not stop Sazka from cosponsoring a trip for Trutnov city councilors to the United States.

"The members of the City Council in February 2000 agreed unanimously to sell 11,047 square meters (118,909 square feet) of property, mainly agricultural land, to Sazka. The price was 250 Kc (US$8.62) per square meter, according to the minutes of the meeting. The purchase contract, totaling almost 3 million Kc, was signed the following month. And there was more investment to come.

"Less than a year after closing the purchase contract, seven members of the Trutnov City Council went for a 10-day-long trip to various entertainment parks and cities in the United States in October 2000. Both Sazka and most of the councilors on the trip maintain that the purpose of the sightseeing was educational.

"`The business trip to the United States was intended to acquaint the visitors with ongoing projects of the same kind abroad, their function and benefits to the area,' said spokeswoman Stanislava Doubravova of Sazka, adding that there are no comparable projects in the Czech Republic or Europe.

"…Several of the Trutnov councilors said that the educational purpose of the trip was fulfilled. Visiting casinos and entertainment centers in Las Vegas, Nevada; Atlantic City, New Jersey; and Tennessee and Connecticut, they said they learned about the operation and management of the centers. All of the councilors interviewed said that their region would benefit strongly from the existence of an entertainment complex…"

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