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Caesars Tahoe Aquired By Columbia
Sussex
FORT MITCHELLE, Ky., June 10,2005/PRNewswire/ -- Columbia Sussex Corporation,
owner, developer and operator of more than 60 hotels, resorts and
casinos worldwide, acquired Caesars Tahoe casino and resort from
Caesars Entertainment Inc. Columbia Sussex took control of the
property on Friday, June 10, following approvals from the Nevada
Gaming Control Board and the Nevada Gaming
Commission.
With the purchase of Caesars
Tahoe, Columbia Sussex Corporation hopes to enliven the South Shore
of Lake Tahoe by providing amenities, entertainment and overall
accommodations unlike anything in the
area.
"This acquisition provides us with
the opportunity to create a resort that is unique to Lake Tahoe,"
said William Yung, president of Columbia Sussex Corporation.
"We plan to reposition the property to appeal to a larger customer
base than it previously attracted."
Columbia Sussex will continue to accept the Caesars Tahoe player's
club card (The Connection Card). Current comp points and
cashback balances will be honored.
The
property will continue to operate as Caesars Tahoe during the
renovation process which is expected to be complete in early
2006. The property will be renamed at that
time.
Columbia Sussex closed last week on
a deal for the Bally's Casino New Orleans. That acquisition
provides a great opportunity in the New Orleans market where
significant improvements to the property will also be
made.
About Columbia Sussex - Columbia Sussex and its affiliates are
one of the largest privately held hotel owners in the country, and
one of Marriott Corporation's top licensees. Columbia Sussex and its
affiliates operate 64 hotels, resorts and casinos in 28 states and
overseas, including the Lighthouse Point Casino in Greenville,
Mississippi, the Horizon Casino Resort in South Lake Tahoe and the
Westin Casuarina property on Grand Cayman Island. It has also
recently opened the Westin Casuarina in Las Vegas, and purchased the
River Palms Casino in Laughlin,
Nevada.
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