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Pennsylvania company negotiating to buy casino

Monday, July 10, 2000 | 11:33 a.m.

In a news release, the Wyomissing, Pa.-based company said it has a 30-day exclusive period to negotiate a possible buyout of CRC Holdings Inc., which does business as Carnival Resorts and Casinos.

CRC owns 59 percent of Louisiana Casino Cruises Inc., the owner of Casino Rouge. Penn National also said it is negotiating to buy the 41 percent held by minority stockholders.

CRC also has a management contract for Casino Rama, an Indian reservation casino about 80 miles north of Toronto.

The companies said they are trying to reach a sales agreement within the 30-day period, but offered no assurances that one would be completed. Any sale would have to be approved by Louisiana gambling regulators.

Penn National owns the Penn National Race Course and Pocono Downs racetrack, along with 10 off-track betting facilities in Pennsylvania. Through a 50-50 joint venture, it also has a share of Freehold Raceway and operates Garden State Park in New Jersey under a long-term lease.

The company has agreed to acquire the Casino Magic gambling resort in Bay St. Louis, Miss. and the Boomtown Biloxi casino in Biloxi, Miss., from Pinnacle Entertainment.

Casino Rouge competes in Baton Rouge against the Argosy riverboat casino.

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