FTC clears Caesars sale

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Tuesday, June 22, 1999 | 11:06 a.m.

The Federal Trade Commission granted early termination of the waiting period for Park Place Entertainment Corp.'s purchase of the Caesars World properties from Starwood Hotels & Resorts, the companies said Monday.

Under the Hart-Scott-Rodino Act, the FTC and the Justice Department's Antitrust Division review proposed acquisitions that reach certain size thresholds to rule out monopoly concerns.

The FTC's waiver of the rest of the mandated waiting period removes one potential roadblock to the merger, which is expected to close by year-end if other regulatory approvals are granted.

Park Place announced April 27 it agreed to acquire Caesars World for $3 billion.