|
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
|
|
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...
Read the full article for free courtesy of your local library.
|
Bookmark this article
Print this article
Link to this article
Email this article
Digg It!
Add to del.icio.us
RSS
