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Gaming

BRIEFLY

April 26, 1996|Times Staff and Wire Reports

Bally Ends Talks with Hilton, ITT: Bally Entertainment Corp. broke off merger talks with ITT Corp. and Hilton Hotels Corp. after the two companies declined to meet Bally's $30-a-share asking price, people familiar with the discussions said. The casino company may resume talks if either company improves its bid, the sources said. Beverly Hills-based Hilton offered $24 to $26 a share, and New York-based ITT bid somewhere in the mid-20s, the sources said. As voters defeat legalized gambling proposals, gaming companies, such as ITT and Hilton Hotels, have turned to acquisitions to expand in the country's two traditional and biggest gaming markets: Atlantic City, N.J., and Las Vegas. Chicago-based Bally Entertainment has two casinos in Atlantic City and operates one in Las Vegas, with a second, $425-million casino proposed.

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