Hollywood Park Stock Tumbles on Bad Earnings News: Shares of Hollywood Park Inc. closed down more than 31% after the company said late Tuesday that it expects to post 1994 earnings that will be break-even or slightly better than 1993's results. The racetrack owner said less revenue from its Kansas City, Kan., track, because of competition from riverboat gambling, and higher food and beverage operation costs at its Inglewood property will cause the lower-than-expected earnings. Hollywood Park's purchase in March of the Kansas track was controversial because the facility was 60%-owned by Hollywood Park Chairman R.D. Hubbard. Critics at the time said the venture might face stiff competition from riverboats. The stock price fell $6.50 to $14.
From Times Staff and Wire Reports
Copyright © 2019, Los Angeles Times