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Article: Racetrack deal has side bet on added slots.(UP FRONT)(aquisition of Hollywood Park by Bay Meadows Land Co and planning for its development)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 11, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For two experienced gambling outfits. Bay Meadows Land Co. and Churchill Downs Inc. certainly hedged their bets on the sale of Hollywood Park.
The $260 million all-cash transaction announced last week allows Bay Meadows to begin planning the redevelopment of the 238-acre Inglewood parcel into a blend of homes, offices and shops to take place three years after the deal closes, expected to occur on or about Sept. 20.
"That process will begin as soon as it can," said Adam Alberti, a spokesman for Bay Meadows. "I don't know if we'll go out and start hiring architects just yet. That would happen after the closing."
At the same time, if Churchill ...