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Legislature acts to give Hollywood Park Casino reprieve

September 11, 2013|By Patrick McGreevy

SACRAMENTO -- The state Senate on Wednesday took action aimed at allowing the Hollywood Park Casino card club to stay in business even though its investors also own shares of a Las Vegas casino.

California rules prohibit those with investments in Las Vegas gambling operations from operating card clubs in this state.

The Hollywood Park Casino, which is next to a horse-racing track, is owned by public pension plan investors Stockbridge Capital Group LLC, which also owns a share of the Sahara Hotel in Las Vegas, a venue that is closed but scheduled to reopen next year after a restoration.

To allow Hollywood Park Casino to stay open, the Senate on Wednesday gave final legislative approval to a bill that would exempt the casino investor from the ownership rules for three years. “It is intended to provide a smooth ownership transition for the pension fund owners and city of Inglewood,” said Sen. Jerry Hill (D-San Mateo).

Competing card clubs fought SB 472 with help from lawmakers including Sen. Ricardo Lara (D-Bell Gardens). Lara said the measure gives a competitive advantage to the Hollywood Park Casino over other card clubs in the area.

But, Sen. Roderick Wright (D-Inglewood) said the bill is necessary, noting that 20% of Inglewood’s general fund money comes from the casino and that it provides hundreds of jobs.

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patrick.mcgreevy@latimes.com


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