Hilton Completes Bally Purchase

Hilton Hotels Corp. said it completed its purchase of Bally Entertainment Corp. for $3 billion in stock and assumed debt, transforming the hotel company into the world’s biggest casino company. The sale gives Hilton lucrative positions in the two biggest gambling meccas in the U.S.--Atlantic City, N.J., and Las Vegas. The close of the transaction comes after regulators in four states, shareholders and antitrust authorities approved the purchase. As part of the purchase, Arthur Goldberg, chairman of Chicago-based Bally, becomes executive vice president of Hilton and president of gaming operations. The purchase gives Beverly Hills-based Hilton 16 casinos.