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Bargain Prices: Bally's Unit Buys Atlantic City, N.J., Casino. (Originated from The Philadelphia Inquirer)

Knight Ridder/Tribune Business News

| December 29, 1994 | Fitzgerald, Alison; Turcol, Thomas | COPYRIGHT 1994 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

ATLANTIC CITY, N.J.--Dec. 30--Acquiring a casino property at Boardwalk and Park Place in this city of high stakes and low regulation just got a lot cheaper.

Bally's Manufacturing Corp., owner of Bally's Park Place, the city's most profitable casino, last week bought one of the seven remaining Boardwalk casino sites for a bargain-basement price of $7.4 million. The lot, located between Bally's Park Place Casino Hotel and Caesars Atlantic City Hotel- Casino, sold in 1984 for more than $17 million.

The sale, the first of a casino site in more than a decade, illustrates the dramatic drop in the value of casino property and other beachfront sites in recent years.

Land prices had risen after voters ...

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