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Park Place Puts Hilton on Sale

RENO, Nevada -- As reported by the Associated Press: "The Reno Hilton, northern Nevada's largest hotel-casino, is up for sale.

"A real estate broker for Park Place Entertainment Corp., the Hilton's parent company, confirmed the property is on the market, the Reno Gazette-Journal reported Thursday.

"...It was the largest casino in the world when it opened in 1978 as the MGM Grand.

"A spokesman for Park Place acknowledged that various properties are being considered for sale but would not name them.

"...Park Place, which also owns Caesars Tahoe in Stateline, is the world's largest casino company and manages or has an interest in 29 gambling properties under the Caesars, Ballys, Paris, Flamingo, Grand Casinos and Hilton brands.

"...An asking price for the Reno Hilton could not be confirmed, but last spring, state and county tax appeals boards lowered the taxable value of the resort 31 percent from $130 million to $90 million.

"Hilton officials had argued for a 40 percent reduction, to $78 million. In contrast, the Washoe County assessors office valued the Hilton at $146.8 million as recently as 1996..."

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