PARK PLACE COMPLETES CLARIDGE DEAL

June 01, 2001 9:03 PM
by

share

Park Place Entertainment today finalized its acquisition of the bankrupt Claridge Hotel and Casino in Atlantic City.

For Park Place’s $65 million, it adds 500 rooms, 59,000 square feet of casino space and a 600-seat theater to its center-Boardwalk holdings.

The purchase price represented 5.4X adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and non-recurring charges).