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The September 14, 1940, issue of Boxoffice said that Crescent Amusement had bought the Princess Theatre in Paris. The writer of the item apparently made a mistake in the line saying "Crescent already owns the Capitol and the Gem, but plans to close the Gem after purchasing the Capitol." Obviously it should have said they intended to close the Gem after purchasing the Princess.
The story makes me suspect that Crescent Amusement opened the Gem only to weaken their Capitol's rival house, the Princess, and the acquisition of the Princess was their goal all along.