Hollywood Park Seeks ‘Paired-Share’ Status
Inglewood-based Hollywood Park Inc., an operator of horse-racing tracks and casinos, said it will seek shareholder approval for restoring the company’s “paired-share” status it relinquished five years ago. Under the structure, Hollywood Park would split into two companies--one would be a real estate investment trust that owns Hollywood Park’s assets, the other would run its operations--but their stocks would be paired, or traded as one. The shareholder vote is expected to occur in late December. Hollywood Park said in May that it was considering the move, because tax benefits from the structure have made paired-share stocks a hit on Wall Street. Cross-town racing rival Santa Anita Cos., which is being acquired by Meditrust, also has the paired-share status. Hollywood Park’s stock fell 6 cents to close at $18.94 on Nasdaq.