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Penn reported to be interested in Hollywood

Tuesday, July 9, 2002 | 11:02 a.m.

Regional casino operator Penn National Gaming Inc. is in talks to buy one of its smaller rivals, Hollywood Casino Corp., Reuters reported Monday.

The talks come about four months after Hollywood said it was interested in a sale and weeks after its newest and most lucrative asset, a riverboat near Chicago, was hit with the prospect of higher gaming taxes in Illinois.

Talks are still in the early stages, with a price being discussed in the $11 per share range, a source told Reuters. That valuation would bring the company's market capitalization to about $280 million.

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