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Company sells interest in Nova Scotia properties

Wednesday, June 1, 2005 | 9:13 a.m.

Caesars Entertainment Inc. sold its interest in two Nova Scotia casinos for about $70 million, the latest divestitures of its less profitable casinos ahead of the company's purchase by Harrah's Entertainment Inc.

Great Canadian Gaming Corp. acquired Caesars' 95 percent stake in Metropolitan Entertainment Group, which owns and operates casinos in the Canadian province's towns of Halifax and Sydney, Caesars said today in a statement.

Caesars, the world's largest casino company, has been selling resorts in smaller gaming markets including New Orleans and South Africa since agreeing last July to be bought by Harrah's, the No. 2 casino operator. Caesars expects to complete the sale of a Lake Tahoe casino and the Reno Hilton, both in Nevada, this year.

The $6.77 billion cash and stock purchase of Caesars by Harrah's will close on or around June 13, the companies said last month.

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