Investment Fund Buys Hollywood Park Stake

Apollo Real Estate Investment Fund II and affiliates associated with investor Leon Black have acquired a 5.1% stake in Inglewood-based Hollywood Park Inc. In a filing with the Securities and Exchange Commission, the Apollo group said it bought 1.21 million shares, with some of the purchases at $16.50 a share on July 29. Although the New York investment group said in the filing that it doesn’t plan on “changing or influencing control of Hollywood Park,” it has considered alternatives for increasing the value of the company’s stock and may speak with the board about the ideas. Hollywood Park is a gaming, sports and entertainment company that owns and operates club casinos and racing facilities. Hollywood Park shares rose 88 cents to close at $18.38 on Nasdaq.