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Money managers sell stocks

Monday, June 17, 2002 | 11:27 a.m.

Money management firm Janus Capital Management LLC lowered its stake in Park Place Entertainment Corp. from 8.1 percent to 4.8 percent, according to a filing with the Securities and Exchange Commission. Janus had owned 14,524,185 shares as of May 31, compared to 24,496,895 shares noted in a Feb. 11 filing.

Also an SEC filing showed that Legg Mason Inc. lowered its holdings in Mandalay Resort Group from an 8.5 percent stake to a 4.3 percent stake. Legg Mason owned 2,932,674 shares, compared to6,030,335 shares as of March 31.

These types of filings denote a passive stake in the companies, and don't require filers to detail transactions or offer reasons for the change in stake.

Las Vegas-based Park Place Entertainment owns Caesars Palace, Paris, Bally's, Flamingo and the Las Vegas Hilton. Mandalay Resort Group, also of Las Vegas, owns the Mandalay Bay, Luxor, Excalibur and Circus Circus hotel-casinos.

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