Control Board OKs shelf registrations

Thursday, Sept. 12, 1996 | 11:59 a.m.

The State Gaming Control Board approved shelf registrations allowing ITT Corp., Hilton Hotels Corp. and Boyd Gaming Corp. to sell securities offerings for corporate financing purposes.

The action allows the companies to sell stock or bonds if they need financing during a specified period without returning to the board each time. The only specifically scheduled sale involves Boyd Gaming.

Top Boyd executives are conducting a "road show" -- meeting around the country with potential investors -- for a debt-and-equity offering that would raise more than $240 million.

The offering includes $200 million of senior notes that would replace $150 million of 10.75 percent notes with new ones carrying a lower premium. It also includes 4 million shares of Boyd treasury stock, plus 1,337,000 of common held by Boyd officers.

Boyd Vice President Keith Smith said some funds from the offering, expected to be completed by the end of September, would also be used for expansions at Main Street Station in downtown Las Vegas and Boyd's Tunica, Miss., facility, and acquisition or construction of new resorts in Reno, Atlantic City, N.J., and East Peoria, Ill.

ITT and Caesars World executive Peter Boynton told Control Board members the company has bought a hotel in Cancun, Mexico, and is meeting this week with Mexican tourism officials to discuss legalization of gaming in that country.