Hollywood Park Narrows 1st-Quarter Loss

Hollywood Park Inc. reported a loss of $1.2 million during the first three months 1998, or 5 cents per diluted share, compared to the $1.4 million, or 7 cents per share, loss for the same period last year. The company usually posts a loss during the quarter because the Hollywood Park Race Track has no live racing during that time. However, revenue during the period shot up nearly 200% to $78.2 million, reflecting the results from the acquisition of Boomtown Casinos. The Inglewood-based operator of race tracks and casinos expects to complete its previously announced $340-million purchase of Casinos Magic Corp. in the fourth quarter of this year.