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New Jersey Regulators OK Park Place Purchase of Claridge31 January 2001ATLANTIC CITY, New Jersey—Jan. 31, 2001 –As reported by the Las Vegas Review-Journal:" New Jersey casino regulators gave their blessing Tuesday to Park Place Entertainment Corp.'s planned purchase of the bankrupt Claridge Casino Hotel, rejecting assertions that the takeover would give Park Place too much power over its competitors. "Sands Hotel & Casino officials, who also are bidding for the Claridge, said Park Place -- owner of Bally's Park Place, the Atlantic City Hilton and Caesars Atlantic City -- would discourage competition in the market and use its power to squash smaller competitors. "…After six days of testimony, the commission sided with Park Place. "….There was a string attached, though. The commission said Park Place may not build or buy any Atlantic City casino outside of the center Boardwalk area it now operates in. "The ruling, while important for Park Place, does not clinch the Claridge takeover. "…Ultimately, U.S. Bankruptcy Judge Judith Wizmur will decide which company's bid is better for Claridge bondholders, employees and customers. Park Place has offered $83 million, [Sands owner Carl] Icahn $85.8 million…" |