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StumbleBrief: IRS clears split
Monday, Dec. 14, 1998 | 11:42 a.m.
The spinoff, called Park Place Entertainment Corp., will acquire three Grand Casinos Inc. hotel-casinos in Mississippi in a merger expected to be completed by year-end.
Simultaneous with the Park Place transaction, Grand will distribute to its shareholders stock in Lakes Gaming Corp., a new publicly traded company that holds Grand's remaining Indian casino management contracts, $30 million cash and about 10 acres of undeveloped land in Las Vegas.
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