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BALLY MANUFACTURING ANNOUNCES SALE OF BALLY'S CASINO RESORT-RENO COMPLETED BY BALLY'S GRAND

 BALLY MANUFACTURING ANNOUNCES SALE OF BALLY'S
 CASINO RESORT-RENO COMPLETED BY BALLY'S GRAND
 CHICAGO, July 31 /PRNewswire/ -- Bally Manufacturing Corporation (NYSE: BLY) announced today that its Bally's Grand, Inc. subsidiary has completed the sale of Bally's Casino Resort-Reno to a subsidiary of Hilton Hotels Corporation.
 Total consideration for the sale was approximately $83 million subject to certain post-closing adjustments, and the Purchaser assumed certain liabilities associated with the business. Bally's Grand, Inc. is currently a debtor in possession under Chapter 11 of the United States Bankruptcy Code. Under a proposed plan of reorganization filed by Bally's Grand in the Bankruptcy Court, a substantial portion of the proceeds from the sale would be used to make capital improvements to Bally's Las Vegas Casino Resort. A confirmation hearing on the proposed plan is scheduled for Sept. 15, 1992.
 Bally Manufacturing is one of the world's foremost operators of casino hotels and fitness centers.
 -0- 7/31/92
 /CONTACT: Michael W. Kempner or Stan Steinreich of MWW/Strategic Communications, 201-342-9500, for Bally Manufacturing/
 (BLY) CO: Bally Manufacturing Corporation; Hilton Hotels Corp. ST: Illinois IN: CNO SU: TNM


TS -- NY046 -- 5608 07/31/92 12:39 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
Words:192
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