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Caesars Expected to Announce Deal for New Casino

September 16, 2004|Jerry Hirsch

Caesars Entertainment Inc. is expected to announce today that it has an agreement to open a new $250-million resort and Indian gaming property northeast of Fresno.

The Las Vegas gaming company has been negotiating the terms of the development with the Big Sandy Band of Western Mono Indians for much of the year. Caesars will manage the 250-to-300-room resort on tribal land 10 miles outside the city. It will have about 2,000 slot machines and 20 table games and is expected to open in 2006.

The deal is part of a plan by Las Vegas-based Caesars to expand into California's gambling business. Caesars also is in talks to develop a 500-room hotel, restaurant and casino complex with the Pauma-Yuima Band of Mission Indians in northern San Diego County.

That project is still in the planning stages and might not get done because of the planned acquisition of Caesars by Harrah's Entertainment Inc. for $5.2 billion in cash and stock.

Caesars shares fell 5 cents Wednesday to $16.25 on the New York Stock Exchange.

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