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FTC approves purchase of Indiana riverboat

Monday, Feb. 7, 2005 | 11:10 a.m.

The Federal Trade Commission has approved Caesars Entertainment Inc.'s purchase of the remaining stake in an Indiana riverboat casino.

Caesars announced plans last month to buy its partner's 18 percent interest in the Caesars Indiana casino resort for about $70 million, gaining full control of the property. The company expects to complete the transaction by the end of March.

The FTC reviewed the transaction in connection with federal anti-trust laws and signed off on the deal Friday.

Caesars doesn't own any other casinos in Indiana.

The FTC is still reviewing a $9.4 billion buyout of Caesars by competitor Harrah's Entertainment Inc. In advance of the deal, the companies agreed to sell a Harrah's casino in East Chicago, Ind. as part of a $1.2 billion sale of four casinos to real estate investor Colony Capital LLC.

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