Calif. casino operator's earnings estimates up

BancBoston Robertson Stephens raised its earnings estimates on Hollywood Park, a California operator of regional casinos.

BancBoston analyst Harry Curtis bumped his second quarter earnings per share estimate from 32 cents to 40 cents. He revised fiscal 1999 earnings estimates from 74 cents to 90 cents per share, and 2000 estimates from $1 to $1.15 per share. Curtis said he anticipates cash flow of $47.75 million for the second quarter, up from an initial estimate of $44 million. By 2000, Curtis anticipates annual cash flow of $160 million, up from an initial estimate of $155 million.

Cash flow, or EBITDA, represents earnings before interest, taxes, depreciation and amortization.

Based on his new estimates, Curtis set a 12-month target of $28 per share on Hollywood Park, and reiterated his "buy" rating. Hollywood Park now trades at about $16.50.

Hollywood Park, based in Inglewood, Calif., owns gaming facilities in Inglewood; Biloxi, Miss.; Bay St. Louis, Miss.; Bossier City, La.; New Orleans; and Argentina. The company also owns and operates Boomtown Hotel-Casino near Reno.

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