Hollywood Park reports higher net

The Inglewood gaming company said fourth-quarter net income rose to $4.3 million, or 17 cents a share, from $1.5 million, or 6 cents a share, in the period ended Dec. 31, 1997.

Fourth-quarter revenue jumped to $158.2 million from $89.8 million, aided by results from the October 1998 acquisition of four Casino Magic gaming operations.

For all 1998, the company said, net income rose to $14.2 million, or 50 cents a share, from $8.7 million, or 32 cents a share, in 1997. Including the first full year of results from Boomtown casinos in Reno, New Orleans and Biloxi, revenue rose to $427 million from $248.1 million.

Fourth-quarter cash flow rose to $31.7 million from $14.2 million in the 1997 period, Hollywood Park said.

The company owns eight casinos, two California card clubs and pari-mutuel race traces. It is developing a $150 million hotel-casino-golf complex in Indiana, about 35 miles from Cincinnati.

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