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Park Place: Borgata's New Casino Will Expand New Jersey Market19 September 2002LAS VEGAS – As reported by the Dow Jones: "A new casino being built by rivals will at first draw some revenues away from Park Place Entertainment Corp. (NYSE:PPE - News) , but over the long term the addition should expand the Atlantic City, N.J., market, Chief Financial Officer Harry Hagerty said Thursday. "`We believe it will grow the market, but its revenues won't be new to the marketplace," Hagerty said. "We will be affected. We are prepared to respond when it opens and we think we are well positioned with our center spot on the Atlantic City boardwalk." "…The new casino hotel, the Borgata, is being jointly developed by Boyd Gaming Corp. (NYSE:BYD) and MGM Mirage . It is scheduled to open next summer. "…Hagerty also said the company has the land for redevelopment opportunities for its existing properties in Atlantic City, which would allow Park Place to better compete there…" |