Hollywood Park Buys Phoenix’s Turf Paradise

Hollywood Park announced Thursday that it has completed the acquisition of Turf Paradise, a thoroughbred racing facility in Phoenix.

Hollywood Park announced in February that it had signed a letter of intent to buy Turf Paradise in an all-stock transaction.

Under the terms of the deal, Hollywood Park paid Turf Paradise shareholders about 1,498,000 shares of Hollywood Park common stock valued at about $33.8 million.

“The Turf Paradise acquisition meets our strategy of national expansion through racing and other gaming operations that offer excellent value and significant upside potential,” said R.D. Hubbard, Hollywood Park chairman and chief executive officer.

In March, Hollywood Park acquired Woodlands, a greyhound and thoroughbred racing facility in Kansas City, Kan., and last month it opened the Hollywood Park Casino in Inglewood.