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Company to sell casinos stake

Tuesday, May 17, 2005 | 10:50 a.m.

Caesars Entertainment Inc. entered into an agreement Monday to sell for about $70 million its interest in a company that owns and operates two casinos in Nova Scotia.

Under the terms of the agreement, Great Canadian Gaming Corp. of Richmond, British Columbia, will acquire from a Caesars subsidiary its 95 percent interest in Metropolitan Entertainment Group, a Nova Scotia partnership that runs the Casino Nova Scotia Halifax and the Casino Nova Scotia Sydney.

The transaction, subject to regulatory approval, is expected to close by the end of June.

Casino Nova Scotia features 750 slots and 40 tables along with three restaurants, a bar and conference rooms. Casino Nova Scotia features 387 slots and 11 tables, a restaurant and a bar.

Great Canadian Gaming operates six casinos, three horse tracks, restaurants and a marina in British Columbia and its U.S. subsidiary Great American Gaming Corp. manages four casino and entertainment centers in Washington state.

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