Pratt Hotel Corporation announces proposed name change to Greate Bay Casino Corporation.DALLAS--(BUSINESS WIRE)--Dec. 18, 1996--Pratt Hotel Corporation (AMEX AMEX See: American Stock Exchange :PHC PHC Primary health care, see there ) announced today its intent to change its name to Greate Bay Casino Corporation. The name change is in conjunction with the Hollywood Casino Corporation spin off of Pratt Hotel Corporation, announced today in a separate news release by Hollywood Casino. The name change reflects the fact that Pratt Hotel no longer owns any hotels. The Greate Bay Casino name was selected because it is easily identifiable with the corporate name of Pratt Hotel's most significant asset, the Sands Hotel The Sands Hotel was a legendary Las Vegas, Nevada hotel/casino that operated from December 15, 1952 to June 30, 1996. It was the seventh resort that opened on the Las Vegas Strip. It was designed by architect Wayne McAllister. and Casino in Atlantic City, New Jersey “Atlantic City” redirects here. For other uses, see Atlantic City (disambiguation). Atlantic City is a city in Atlantic County, New Jersey, USA. Famous for its boardwalk and casino gambling, it is a resort community located on Absecon Island on the coast of the . The distribution to Hollywood Casino's shareholders of its 80.1% ownership of Pratt Hotel shares is expected to occur on December 31, 1996. However, trading of the shares to be distributed is expected to commence on December 20, 1996 on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. on a "when distributed When distributed When issued. " basis. Shares of Greate Bay held by the public (other than affiliates) will increase from the current 19.9% ownership, or 1,030,614 shares, to an approximate 57.4% ownership, or approximately 2,976,182 shares, as a result of the distribution. It is anticipated that the Pratt Hotel shares will begin trading under the Greate Bay name and the symbol GBY GBY God Bless You GBY Gonadoblastoma GBY Graham Ballett-Young (photographer, gamer, designer) on the American Stock Exchange on January 2, 1997. "The spin off from Hollywood Casino Corporation enables Pratt Hotel to pursue its own independent interests. However, the Sands intends to continue its conversion to a Hollywood Casino themed property. The separation of the two companies will provide financial flexibility for Pratt Hotel in the capital markets, enabling it to pursue its optimum capital structure and operating strategy," said Jack E. Pratt, Chairman and Chief Executive Officer. The name change would be effective on December 31, 1996. Pratt Hotel is currently soliciting consents from its shareholders to approve the name change. Pratt Hotel Corporation owns and operates the Sands Hotel and Casino in Atlantic City, New Jersey. Hollywood Casino Corporation owns and operates distinctive Hollywood-themed casino entertainment facilities under the service mark Hollywood Casino in Aurora, Illinois Aurora is the largest city in Kane County, Illinois. The city also lies within DuPage, Will and Kendall counties. As reported in the 2000 U.S. census, the city was home to 142,990 people, while the city's estimated 2006 population is 170,617. , and Tunica, Mississippi. CONTACT: Hollywood Casino Corporation Investors: Buz LaFrano, Vice President - Finance, 972/386-9777 or Media: Eric Terry, Director of Marketing and Communications, 972/392-7777 or Donna Bannwolf, Communications Manager 972/392-7777 |
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