June 12, 1997 |
Louisiana gambling regulators have thrown an unexpected monkey wrench into Hollywood Park's proposed $245-million acquisition of Boomtown Inc., a Nevada-based casino and riverboat company. After receiving an anonymous 500-page document containing allegations of wrongdoing against Hollywood Park Chief Executive Randall D. Hubbard and the company, the state Gaming Control Board on Monday postponed until at least June 20 a decision on whether to approve the deal.
April 11, 1997
San Mateo-based Data Broadcasting Corp., which was formed in 1992 out of Financial News Network's bankruptcy, plans to sell two units. . . . The Nevada Gaming Control Board has recommended approval of Boomtown Inc.'s merger with Inglewood-based Hollywood Park Inc. The deal must still be approved by the Nevada Gaming Commission.
April 25, 1997 |
Hollywood Park Inc.'s planned acquisition of casino operator Boomtown Inc. was approved by the Nevada Gaming Commission, clearing the way for the $245-million stock and debt transaction, the companies said. Hollywood Park and Boomtown said the merger is subject to gaming approval in Louisiana and consent from company bondholders. Last year, Inglewood-based Hollywood Park said it would exchange each share of Boomtown common stock for 0.
July 8, 1998 |
Blaming a depressed market for REIT shares, Hollywood Park Inc., which owns the Inglewood racetrack and a group of casinos, said Tuesday that it will not restructure as a real estate investment trust. The New York Stock Exchange-traded corporation had considered becoming a REIT last spring to shelter more money from taxes. REITs are exempt from corporate income tax if they pay out 95% of their earnings in dividends to shareholders.
June 9, 1993 |
Casino stocks suffered a second day of heavy selling Tuesday as some investors decided that the game of speculating on speculators had reached its upper limits. But don't count these stocks out for long, some Wall Streeters say. Because legalized gaming continues to spread nationwide, this is hardly a fading industry. The only question is how much you should pay for these stocks--and which will be the survivors.
January 24, 1997 |
Two of the largest U.S. thrifts, Golden West Financial Corp. and Glendale Federal Bank, said Thursday that fourth-quarter profits rose, as a recovering California economy spurred borrowing. By meeting or beating Wall Street expectations, thrifts confirmed they have recovered from the late 1980s and early '90s, when high interest rates and regulatory changes wiped out hundreds of savings banks. Oakland-based Golden West, the third-largest thrift company in the U.S.