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December 2, 2009

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Company purchases land for slot parlor

Friday, Jan. 21, 2005 | 9:53 a.m.

Caesars Entertainment Inc. has purchased a 30-acre parcel of land along the Delaware River in Philadelphia with the intention of developing a slot parlor there.

Caesars bought the land Jan. 11 for $64.7 million. About 18 acres of the site are developable. The company doesn't yet have a slot license from the state and will be competing for one along with several other casino companies and developers.

The company anticipates working with a local partner or multiple partners to develop the project, Caesars spokesman Robert Stewart said.

Pennsylvania last year legalized slot machines, and the state plans to award licenses for up to 14 slot parlors.

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