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Bally Entertainment Corp. said it acquired the 8 percent stake in the company’s Las Vegas casino held by its chairman, president and chief executive, Arthur Goldberg.
Goldberg was paid in preferred stock in a new Bally holding company that is convertible into Bally Entertainment stock, the Chicago-based casino company said.
The transaction boosts Bally’s stake in the Las Vegas casino to 65 percent.
Analysts said Bally’s Las Vegas casino-hotel has done well this year, and the company is working to improve the property. Bally recently completed a $13 million reconstruction of the entranceway and approaches to the casino.
