Hollywood Park Earnings Up 15%; Success at Casinos Cited
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Hollywood Park Inc., the Inglewood-based company that operates the racetrack bearing its name and other gaming facilities, on Wednesday reported a 15% increase in second-quarter earnings, citing the continued success of its casinos, specifically in New Orleans.
The company reported net income for the quarter ended June 30 of $8.1 million, or 31 cents per diluted share, compared with $5.1 million, or 27 cents, in the year-ago period.
Revenue rose 123% to $103.1 million for the quarter, compared with $46.3 million a year ago.
The company attributed its positive results in part on the opening of a new restaurant/casino in New Orleans.
Hollywood Park also said it will repurchase up to 20% of the company’s current common outstanding shares as part of a stock buyback program to boost what it views as its undervalued stock.
“The stock buyback program reflects our belief that repurchasing Hollywood Park stock is currently an attractive opportunity for the company, and it underscores our commitment to enhancing long-term shareholder value,” said Chairman and Chief Executive R.D. Hubbard in a statement.
Hollywood Park shares rose 69 cents to close at $10.94 in New York Stock Exchange trading.
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