Park Place erwirbt Claridge Hotel & Casino in Atlantic City

01.06.2001, Park Place purchased The Claridge Casino Hotel in Atlantic City on June 1, 2001. On December 11, 2002, the New Jersey Casino Commission approved Park Place's request to merge The Claridge into Bally's Atlantic City, resulting in Bally's becoming the largest casino resort on the Boardwalk.

LAS VEGAS Park Place Entertainment Corp. completed its acquisition of the Claridge Hotel & Casino in Atlantic City, NJ. The announcement was made following the May 30th approval of the acquisition by the New Jersey Casino Control Commission.

The Claridge, adjacent to Bally s Atlantic City, adds 500 rooms, 59,000 square feet of gaming space, a 600- seat theater and 1,200 parking spaces to the company s center-Boardwalk complex, which includes Bally s, Caesars and the Wild Wild West casinos. The company is currently designing an elevated connector between Bally s and the Claridge, which will include retail and meeting space.

Park Place paid a purchase price of approximately $65 million, representing a purchase multiple of 5.4x adjusted EBITDA of approximately $12 million for the year 2000. Park Place intends to keep the Claridge and will fold the property into its maintenance capital program, investing 5% of revenues in maintenance projects that help assure assets will produce maximum revenues. (6/1/01)

BY HOTEL BUSINESS ON JUNE 1, 2001

Über The Claridge Hotel:

The Claridge Hotel, once known by its 1929 nickname “Skyscraper by the Sea”, radiates a breathtaking Manhattanesque design situated in the prime center of the Atlantic City’s boardwalk. One of the last remaining architectural masterpieces from the Boardwalk Empire Era, The Claridge Hotel housed such legends as Marilyn Monroe, John F. Kennedy, Al Capone, Nucky Johnson, Princess Grace of Monaco and Frank Sinatra.

The “New” Claridge Hotel boasts an era style décor which is portrayed in all 500 guest rooms which have all been completely remodeled. Elegant suites are favored by many guests with spectacular ocean/bay views and Jacuzzi tubs.

All guests are welcome to personally experience the first class service The Claridge Hotel has to offer. Leisure guests, families, business travelers, groups and convention are all welcome. Emphasis is always placed on providing unique service amenities such as private limo transportation, shopping and golf packages, health club, complimentary WIFI, private business center, Frette linens, Bigelow toiletries, personnel concierge services, K- cup coffee and tea in your room.

The Twenties Restaurant is the third oldest restaurant establishment in Atlantic City with the original speakeasy bar as it was in the 1920’s. The restaurant features the finest Italian cuisine, mouthwatering steaks and chops and fresh seafood. Twenties is also a popular dining spot for breakfast and lunch.

The Claridge Hotel is the Jersey Shore’s most popular location to host weddings, special events, parties and meetings. Our newly renovated Ocean Front Grand Ballroom is a one of a kind venue, filled with opulence and grander. Many receptions begin in our spectacular Fine Art Gallery with over 20,000 square feet of space to entertain your guests. From our Ocean View Room with a panoramic view of Brighton Park to our newly renovated sixth floor Grand Ballroom we will surely thrill all guests with our elegance.

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