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Bargain Prices: Bally's Unit Buys Atlantic City, N.J., Casino. (Originated from The Philadelphia Inquirer)
Publication: Knight Ridder/Tribune Business News Publication Date: 29-DEC-94 Author: Fitzgerald, Alison ; Turcol, Thomas |
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COPYRIGHT 1994 Knight-Ridder/Tribune Business News
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 approved legal casino gambling...
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