May 18, 1994 |
Bally to Focus on Casinos, Change Name: The company will spin off its health club chain, the nation's largest, to concentrate on its gambling business and also change its name to Bally Entertainment Corp. from Bally Manufacturing Corp. The spinoff, expected by the end of the year, will make Bally's Health & Tennis Corp. a separate company. Bally shareholders will receive stock in it. Chicago-based Bally's 350 fitness centers in 27 states have about 4.2 million members.